Current Price Action and Market Context
As of 7 Jan 2026, Inox Green Energy Services Ltd closed at ₹201.70, down from the previous close of ₹205.90. The stock traded within a range of ₹200.05 to ₹206.70 during the day. This price level remains significantly below its 52-week high of ₹279.00 but comfortably above the 52-week low of ₹95.65, reflecting a wide trading band over the past year.
Comparatively, the stock has underperformed the Sensex in the short term, with a 1-week return of -2.44% against the Sensex’s 0.46%, and a 1-month return of -2.47% versus the Sensex’s -0.76%. Year-to-date, the stock is down 4.09%, while the Sensex has marginally declined by 0.18%. However, over longer horizons, Inox Green has delivered robust returns, with a 1-year gain of 25.98% compared to the Sensex’s 9.10%, and an impressive 3-year return of 351.74% against the Sensex’s 42.01%.
Technical Trend Shift: From Sideways to Mildly Bullish
The technical trend for Inox Green has recently shifted from a sideways pattern to a mildly bullish one. This transition is supported by several indicators, although the overall picture remains mixed. The daily moving averages have turned mildly bullish, signalling a potential upward momentum in the near term. This is a positive development for investors looking for signs of trend reversal or continuation.
On the weekly and monthly timeframes, the Moving Average Convergence Divergence (MACD) remains mildly bearish, indicating that momentum has not fully confirmed a sustained uptrend. The Relative Strength Index (RSI) on both weekly and monthly charts shows no clear signal, suggesting that the stock is neither overbought nor oversold at present.
Bollinger Bands and Other Momentum Indicators
Bollinger Bands present a contrasting view: weekly readings are bearish, implying potential downward pressure or volatility in the short term, while monthly readings are mildly bullish, hinting at a possible stabilisation or gradual upward movement over a longer horizon.
The Know Sure Thing (KST) indicator on the weekly chart is mildly bullish, reinforcing the notion of emerging positive momentum. Meanwhile, the Dow Theory applied on the weekly timeframe also supports a mildly bullish outlook, although the monthly Dow Theory trend remains neutral with no clear directional bias.
On-Balance Volume (OBV) analysis on the weekly scale is mildly bullish, suggesting that buying volume is slightly outweighing selling pressure, which could underpin price gains if sustained.
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Mojo Score and Analyst Ratings
Inox Green Energy Services Ltd currently holds a Mojo Score of 44.0, which corresponds to a Mojo Grade of Sell. This represents a downgrade from the previous Hold rating, effective from 25 Nov 2025. The downgrade reflects a cautious stance based on the company’s technical and fundamental outlook. The Market Capitalisation Grade stands at 3, indicating a mid-tier market cap classification within its sector.
The downgrade is consistent with the mixed technical signals observed, where short-term bearishness on key momentum indicators tempers the mildly bullish trend suggested by moving averages and volume-based indicators.
Sector and Industry Context
Operating within the Other Utilities sector, Inox Green faces sector-specific challenges and opportunities. The sector has seen varied performance amid evolving energy policies and increasing emphasis on green energy solutions. While Inox Green’s long-term returns have been impressive, the recent technical signals suggest investors should monitor the stock closely for confirmation of sustained momentum.
Price Momentum and Moving Averages
The daily moving averages have recently crossed into mildly bullish territory, signalling a potential shift in short-term momentum. This is an important technical development, as moving averages often act as dynamic support and resistance levels. The stock’s current price of ₹201.70 is slightly below the previous close, indicating some profit-taking or selling pressure in the immediate term.
However, the weekly MACD remains mildly bearish, suggesting that the momentum has not yet fully transitioned to a strong uptrend. The absence of clear RSI signals on weekly and monthly charts further emphasises the need for caution, as the stock is not exhibiting extreme momentum in either direction.
Volume and Trend Confirmation
On-Balance Volume (OBV) on the weekly scale is mildly bullish, indicating that buying interest is gradually increasing. This volume-based indicator often precedes price movements, so a sustained rise in OBV could confirm the emerging bullish trend. The Dow Theory weekly signals also support this mildly bullish outlook, although the monthly trend remains neutral, suggesting that investors should watch for further confirmation before committing to a bullish stance.
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Investment Implications and Outlook
Investors in Inox Green Energy Services Ltd should weigh the mixed technical signals carefully. The mildly bullish trend on daily moving averages and weekly volume indicators suggests potential for upside, but the bearish MACD readings and neutral RSI caution against over-optimism.
Given the stock’s recent underperformance relative to the Sensex in the short term, a period of consolidation or volatility may be expected before a decisive trend emerges. Long-term investors may find comfort in the company’s strong multi-year returns, but short-term traders should monitor momentum indicators closely for confirmation of trend direction.
Overall, the downgrade to a Sell rating by MarketsMOJO reflects the current technical and fundamental uncertainties. Investors seeking exposure to the Other Utilities sector might consider evaluating alternative stocks with clearer momentum and stronger ratings.
Summary of Key Technical Indicators
- MACD: Weekly and Monthly - Mildly Bearish
- RSI: Weekly and Monthly - No clear signal
- Bollinger Bands: Weekly - Bearish; Monthly - Mildly Bullish
- Moving Averages (Daily) - Mildly Bullish
- KST (Weekly) - Mildly Bullish; Monthly - No trend
- Dow Theory (Weekly) - Mildly Bullish; Monthly - No trend
- OBV (Weekly) - Mildly Bullish; Monthly - No trend
In conclusion, while Inox Green Energy Services Ltd shows signs of emerging bullish momentum, the overall technical landscape remains mixed. Investors should remain vigilant and consider both the positive and negative signals before making investment decisions.
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