Marico Ltd Falls 1.40%: 4 Key Factors Shaping This Week’s Mixed Momentum

27 January: Strong Q3 Results and Mildly Bullish Technical Momentum

Marico Ltd. began the week on a positive note with its Q3 FY26 earnings announcement, reporting a 12% increase in profit driven by robust volume growth despite margin pressures. The stock closed at Rs.745.90, up 0.67% from the previous close, outperforming the Sensex’s 0.50% gain that day. This earnings strength was accompanied by a nuanced shift in technical momentum from bullish to mildly bullish, reflecting a cautious but positive market stance.

Technical indicators showed a complex picture: the Moving Average Convergence Divergence (MACD) remained bullish on weekly and monthly charts, while the Relative Strength Index (RSI) hovered in neutral territory. Bollinger Bands suggested moderate volatility with a controlled upward bias. However, On-Balance Volume (OBV) readings were mildly bearish, indicating some distribution pressure despite price gains. The MarketsMOJO Mojo Score stood at 60.0 with a Hold rating, upgraded from Sell in December 2025, signalling improved but cautious sentiment.

28 January: Technical Momentum Upgrades to Bullish Amid Volatility

On 28 January, Marico’s technical momentum improved notably, shifting from mildly bullish to a confident bullish trend despite the stock closing lower at Rs.736.55, down 1.25%. This apparent contradiction was due to strong intraday price action, with the stock reaching an intraday high of Rs.759.10, nearing its 52-week high of Rs.780.00. The Sensex outperformed with a 1.12% gain, closing at 36,188.16.

Technical indicators reinforced this bullish upgrade: the MACD was bullish on both weekly and monthly charts, and moving averages aligned positively with the price above key short- and medium-term averages. Bollinger Bands on the weekly chart showed strong buying pressure near the upper band, while the RSI remained neutral, suggesting room for further upside without overbought risk. However, the Know Sure Thing (KST) oscillator presented mixed signals, bullish weekly but mildly bearish monthly, indicating potential volatility ahead.

Volume-based indicators such as On-Balance Volume (OBV) showed no clear weekly trend and a mildly bearish monthly stance, implying that recent price gains were not fully volume-supported. Dow Theory assessments were neutral weekly but bullish monthly, consistent with the technical upgrade. Marico’s relative returns continued to outpace the Sensex over longer periods, reinforcing its resilience.

29 January: Momentum Moderates to Mildly Bullish Amid Mixed Signals

Marico’s technical momentum moderated on 29 January, shifting back to mildly bullish as the stock closed at Rs.730.20, down 0.86%. The Sensex gained 0.22%, closing at 36,266.59. Intraday volatility was notable, with a low of Rs.721.10 and a high of Rs.756.00. This shift reflected a cautious stance amid mixed technical signals.

The weekly MACD remained bullish, signalling short-term positive momentum, but the monthly MACD turned mildly bearish, indicating longer-term caution. The RSI stayed neutral, while Bollinger Bands suggested contained volatility within an upward channel. Moving averages showed a narrowing gap between short- and long-term averages, often a precursor to consolidation or breakout depending on volume and sentiment.

The KST oscillator and On-Balance Volume (OBV) indicators presented a split picture: bullish weekly but mildly bearish monthly, highlighting the importance of monitoring both short- and long-term trends. Dow Theory assessments were mildly bearish weekly but bullish monthly, underscoring technical uncertainty. Marico’s Mojo Score remained at 60.0 with a Hold rating, reflecting this balanced outlook.

30 January: Week Closes with Minor Gain Amid Mixed Market Sentiment

The week concluded on 30 January with Marico’s stock marginally up by 0.04% to Rs.730.50, on volume of 341,762 shares. The Sensex declined 0.22% to 36,185.03, marking a divergence between the stock and the broader market. This slight uptick followed three days of declines and reflected a tentative stabilisation after a week of mixed technical signals and earnings-driven volatility.

Technical indicators remained mixed: the MACD and moving averages suggested mild bullishness, while volume indicators and oscillators like RSI and KST continued to show neutral to mildly bearish signals on longer timeframes. The stock remains below its 52-week high of Rs.780.00 but well above its 52-week low of Rs.577.90, indicating resilience despite short-term fluctuations.

Key Takeaways from the Week

Positive Signals: Marico’s Q3 FY26 results demonstrated strong volume growth and a 12% profit increase despite margin pressures, underpinning the company’s operational resilience. Technical momentum showed phases of bullish upgrades, supported by positive MACD readings and moving average alignments. The stock’s long-term returns continue to outperform the Sensex, reflecting sustained growth and brand strength.

Cautionary Signals: Mixed technical indicators such as neutral RSI, mildly bearish On-Balance Volume, and divergent KST readings suggest volatility and uncertainty in the near term. The stock underperformed the Sensex over the week, closing 1.40% lower while the benchmark gained 1.62%. Dow Theory and volume trends indicate a consolidation phase, warranting close monitoring of key technical levels including the 52-week high of Rs.780.00.

Market Context: The edible oil sector’s fluctuating commodity prices and regulatory environment add complexity to Marico’s price action. The MarketsMOJO Mojo Score of 60.0 and Hold rating reflect a balanced view, recommending maintenance of existing positions with caution on new exposure.

Conclusion: Navigating Mixed Technical Signals Amid Earnings Strength

Marico Ltd.’s week was characterised by a blend of fundamental strength and technical uncertainty. The company’s solid Q3 earnings and volume growth provided a positive backdrop, yet the stock’s price performance lagged the broader market. Technical momentum oscillated between mildly bullish and bullish stances, with mixed signals from key indicators suggesting a consolidation phase rather than a decisive trend.

Investors should remain attentive to volume trends and momentum oscillators in the coming weeks to identify potential breakout or breakdown points. The stock’s resilience above its 52-week low and relative outperformance over longer periods remain encouraging, but near-term price action may be range-bound amid sector-specific challenges and broader market volatility.

Overall, Marico’s current technical and fundamental profile supports a cautious stance, favouring existing shareholders maintaining positions while awaiting clearer directional cues before committing additional capital.

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