ICE Make Refrigeration Ltd Technical Momentum Shifts Amid Sideways Trend

Technical Trend Overview and Price Movement

The stock closed at ₹804.10 on 18 Feb 2026, up from the previous close of ₹777.10, marking a daily gain of 3.47%. The intraday range was between ₹767.70 and ₹812.00, indicating some volatility but a positive bias. Over the past week, ICE Make Refrigeration Ltd has outperformed the Sensex significantly, delivering a 7.25% return compared to the Sensex’s decline of 0.81%. This outperformance extends to the one-month horizon as well, with a 7.01% gain versus a marginal 0.12% rise in the benchmark index.

However, year-to-date returns show a slight negative at -0.69%, though this still compares favourably to the Sensex’s -1.55%. Longer-term performance remains robust, with a 14.82% gain over one year and an impressive 199.2% return over three years, dwarfing the Sensex’s 43.36% over the same period. The five-year return is particularly striking at 901.99%, underscoring the stock’s strong historical growth trajectory despite recent technical caution.

MACD and Momentum Indicators Signal Divergence

The Moving Average Convergence Divergence (MACD) indicator presents a nuanced picture. On a weekly basis, the MACD is mildly bullish, suggesting that short-term momentum is improving and could support further price appreciation. Conversely, the monthly MACD remains mildly bearish, indicating that longer-term momentum has yet to confirm a sustained uptrend. This divergence between weekly and monthly MACD readings highlights the transitional phase the stock is currently navigating.

The Know Sure Thing (KST) oscillator aligns with this mixed view, showing a bullish signal on the weekly chart but a mildly bearish stance monthly. This suggests that while short-term momentum is gaining strength, the broader trend remains under pressure, warranting cautious optimism among investors.

RSI and Bollinger Bands: Neutral to Bullish Signals

The Relative Strength Index (RSI) on both weekly and monthly timeframes currently offers no definitive signal, hovering in neutral territory. This lack of overbought or oversold conditions implies that the stock is not excessively stretched in either direction, leaving room for potential directional moves based on other technical factors.

Bollinger Bands provide a more optimistic outlook on the weekly chart, where the stock is exhibiting bullish behaviour by trading near the upper band, signalling upward price pressure. However, the monthly Bollinger Bands indicate a sideways trend, reinforcing the notion of consolidation over the longer term.

Moving Averages and Volume Trends

Daily moving averages currently suggest a mildly bearish trend, indicating that short-term price momentum is somewhat subdued. This contrasts with the weekly and monthly On-Balance Volume (OBV) readings, which are mildly bullish, signalling that buying volume is gradually increasing and could support a price recovery if sustained.

The Dow Theory analysis adds further nuance, with weekly signals mildly bullish but no clear trend established on the monthly scale. This reinforces the view that the stock is in a consolidation phase, with potential for either a breakout or a pullback depending on forthcoming market catalysts.

Valuation and Market Capitalisation Context

ICE Make Refrigeration Ltd holds a Market Cap Grade of 4, reflecting its micro-cap status within the industrial manufacturing sector. The company’s Mojo Score stands at 34.0, with a recent upgrade from a Strong Sell to a Sell rating on 17 Feb 2026. This upgrade suggests a slight improvement in technical and fundamental outlook, though the overall sentiment remains cautious.

Investors should note the stock’s 52-week high of ₹1,088.75 and low of ₹575.15, indicating a wide trading range and significant volatility over the past year. The current price near ₹804.10 places it roughly 26% below its 52-week peak, highlighting potential upside if momentum indicators align favourably.

Investor Takeaway and Outlook

ICE Make Refrigeration Ltd’s technical indicators collectively suggest a stock in transition. The shift from a mildly bearish to a sideways trend reflects a market indecision phase, with short-term bullish signals from weekly MACD, KST, and OBV counterbalanced by monthly bearish or neutral signals. The absence of RSI extremes and the mixed moving average signals further reinforce the need for caution.

For investors, this means that while the stock shows signs of stabilising and potential for upward momentum, confirmation from sustained volume increases and a break above key moving averages would be prudent before committing to a bullish stance. The recent Mojo Grade upgrade from Strong Sell to Sell indicates some improvement but still advises a conservative approach.

Long-term investors may find value in the stock’s impressive multi-year returns, but short-term traders should monitor technical signals closely for clearer directional cues. The current price level offers a reasonable entry point for those willing to accept volatility and watch for confirmation of trend reversal.

Comparative Performance Versus Sensex

ICE Make Refrigeration Ltd’s outperformance relative to the Sensex over one week (7.25% vs -0.81%) and one month (7.01% vs 0.12%) is notable, signalling relative strength in the industrial manufacturing sector or company-specific catalysts. Over one year, the stock’s 14.82% gain also exceeds the Sensex’s 12.05%, reinforcing its appeal as a growth-oriented micro-cap despite recent technical caution.

However, the year-to-date negative return of -0.69% compared to the Sensex’s -1.55% suggests some short-term headwinds. Investors should weigh these factors alongside technical signals to gauge timing and risk.

Summary of Technical Ratings and Market Sentiment

To summarise, ICE Make Refrigeration Ltd’s technical profile is characterised by:

• Weekly MACD and KST mildly bullish, indicating short-term momentum improvement
• Monthly MACD and KST mildly bearish, reflecting longer-term caution
• RSI neutral on both weekly and monthly charts, suggesting no overbought or oversold extremes
• Bollinger Bands bullish weekly but sideways monthly, signalling short-term strength within a longer consolidation
• Daily moving averages mildly bearish, requiring confirmation for trend reversal
• OBV mildly bullish weekly and monthly, supporting volume-backed price moves
• Dow Theory weekly mildly bullish but no monthly trend, indicating mixed market sentiment

These mixed signals warrant a balanced approach, favouring investors who can monitor developments closely and act on confirmed trend changes.

Conclusion

ICE Make Refrigeration Ltd is at a technical crossroads, with momentum indicators signalling a tentative shift from bearishness to sideways consolidation. While short-term signals offer some optimism, longer-term indicators counsel caution. The stock’s strong historical returns and recent outperformance versus the Sensex provide a compelling backdrop, but investors should await clearer confirmation before increasing exposure. The recent Mojo Grade upgrade to Sell from Strong Sell reflects this nuanced outlook, suggesting that while conditions are improving, the stock is not yet a definitive buy.

Upgrade at special rates, valid only for the next few days. Claim Your Special Rate →