Marico Ltd. Technical Momentum Shifts to Mildly Bullish Amid Mixed Indicator Signals

Price Movement and Market Context

As of 22 Jan 2026, Marico Ltd. closed at ₹748.25, down marginally by 0.64% from the previous close of ₹753.10. The stock traded within a range of ₹740.55 to ₹752.05 during the day, remaining below its 52-week high of ₹780.00 but comfortably above the 52-week low of ₹577.90. This price action reflects a consolidation phase after a strong upward trajectory over the past year.

Comparatively, Marico has outperformed the Sensex over multiple time horizons. The stock delivered a 12.9% return over the past year against the Sensex’s 8.0%, and an impressive 48.1% over three years compared to the benchmark’s 35.1%. Even over five years, Marico’s 79.9% gain eclipses the Sensex’s 65.1%, underscoring the company’s consistent value creation in the edible oil sector.

Technical Trend Evolution

Recent technical assessments indicate a shift in Marico’s trend from bullish to mildly bullish. This subtle change suggests that while the stock retains an overall positive momentum, the intensity of the uptrend has moderated. The daily moving averages remain bullish, signalling that short-term price momentum is still supportive. However, weekly and monthly indicators present a more mixed scenario.

The Moving Average Convergence Divergence (MACD) remains bullish on both weekly and monthly charts, indicating that the underlying momentum is intact. The MACD histogram continues to show positive divergence, supporting the case for sustained upward pressure. Conversely, the Relative Strength Index (RSI) on weekly and monthly timeframes does not currently generate a clear signal, hovering in neutral territory and suggesting neither overbought nor oversold conditions.

Bollinger Bands and KST Indicator Insights

Bollinger Bands on weekly and monthly charts are mildly bullish, reflecting moderate volatility with a slight upward bias. This indicates that price movements are contained within a narrowing range, often a precursor to a breakout or a period of consolidation. The Know Sure Thing (KST) indicator, a momentum oscillator, shows a bullish reading on the weekly chart but mildly bearish on the monthly scale. This divergence points to short-term strength that may be tempered by longer-term caution.

Volume and Trend Confirmation Indicators

On-Balance Volume (OBV) readings are mildly bearish on both weekly and monthly charts, signalling that volume trends are not fully confirming the price strength. This divergence between price and volume may indicate a cautious stance among traders, with some profit-taking or reduced buying interest at current levels.

Dow Theory assessments add further complexity: the weekly trend is mildly bearish, while the monthly trend remains bullish. This split suggests that while the broader trend remains positive, short-term corrections or sideways movements could persist.

Mojo Score and Rating Update

MarketsMOJO has upgraded Marico Ltd.’s rating from Sell to Hold as of 09 Dec 2025, reflecting the evolving technical landscape and improving fundamentals. The current Mojo Score stands at 60.0, indicating moderate confidence in the stock’s near-term prospects. The Market Cap Grade is 2, consistent with its mid-cap status in the edible oil sector.

This rating upgrade aligns with the technical shift to mildly bullish, suggesting that while the stock is not yet a strong buy, it has stabilised from previous weakness and may offer selective opportunities for investors with a medium-term horizon.

Comparative Performance and Sector Context

Marico’s performance relative to the Sensex and its edible oil peers remains robust. The stock’s 1-month return of 0.99% contrasts favourably with the Sensex’s decline of 3.56%, highlighting resilience amid broader market volatility. Year-to-date, Marico is down marginally by 0.29%, but this compares well against the Sensex’s 3.89% fall, underscoring defensive qualities in uncertain markets.

Longer-term returns further reinforce Marico’s strength, with a 10-year gain of 240.1%, nearly matching the Sensex’s 241.8%. This consistency reflects the company’s ability to navigate cyclical challenges and maintain growth in the competitive edible oil industry.

Outlook and Investor Considerations

Marico Ltd.’s technical indicators suggest a cautious but constructive outlook. The bullish MACD and daily moving averages provide a foundation for potential upside, while the neutral RSI and mildly bearish volume indicators counsel prudence. Investors should monitor the stock’s ability to sustain above key support levels near ₹740 and watch for any breakout above the recent high of ₹752 to confirm renewed momentum.

Given the mixed signals from weekly and monthly KST and Dow Theory trends, short-term volatility may persist. However, the company’s strong relative performance against the Sensex and its upgraded Mojo Grade to Hold indicate that Marico remains a viable holding within the edible oil sector, particularly for investors seeking exposure to mid-cap growth stories with moderate risk.

In summary, Marico Ltd. is navigating a phase of technical consolidation with underlying momentum intact but tempered by volume and trend divergences. The stock’s long-term track record and recent rating upgrade support a balanced approach, favouring selective accumulation while remaining alert to market developments.

Key Technical Metrics Summary:

• Current Price: ₹748.25 (down 0.64%)
• 52-Week Range: ₹577.90 – ₹780.00
• MACD: Weekly & Monthly – Bullish
• RSI: Weekly & Monthly – Neutral (No Signal)
• Bollinger Bands: Weekly & Monthly – Mildly Bullish
• Moving Averages (Daily): Bullish
• KST: Weekly – Bullish; Monthly – Mildly Bearish
• Dow Theory: Weekly – Mildly Bearish; Monthly – Bullish
• OBV: Weekly & Monthly – Mildly Bearish
• Mojo Score: 60.0 (Hold, upgraded from Sell on 09 Dec 2025)

Investors should continue to analyse these indicators in conjunction with fundamental developments and sector trends to make informed decisions.

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