Trading Volume and Price Action Overview
On 1 Feb 2026, NATIONALUM recorded a total traded volume of 21,291,709 shares, translating to a traded value of approximately ₹7,507.24 crores. This volume figure is exceptional, marking the stock as one of the highest volume gainers in the Non-Ferrous Metals sector on the day. The stock opened sharply lower at ₹353.00, reflecting an opening gap down of 8.42% compared to the previous close. Throughout the session, the price oscillated within a wide intraday range of ₹35.05, touching a low of ₹329.40 (-14.54%) and a high of ₹364.45.
The weighted average price indicates that a majority of the volume was transacted closer to the day’s low, signalling dominant selling interest. This is further corroborated by the stock’s underperformance relative to its sector, which declined by 5.13%, and the broader market benchmark Sensex, which marginally gained 0.19% on the day.
Technical and Moving Average Insights
From a technical standpoint, NATIONALUM’s current price of ₹354.10 sits above its 50-day, 100-day, and 200-day moving averages, suggesting that the medium- to long-term trend remains intact. However, the stock is trading below its 5-day and 20-day moving averages, indicating short-term weakness and potential consolidation or correction. The stock has been on a consecutive decline for two days, losing 16.94% in returns during this period, signalling increased selling pressure among short-term traders.
Investor Participation and Liquidity
Investor participation has notably increased, with delivery volume on 30 Jan rising by 93% compared to the five-day average delivery volume, reaching 1.45 crore shares. This surge in delivery volume suggests that investors are actively accumulating or distributing shares rather than merely trading intraday. The stock’s liquidity remains robust, with the ability to handle trade sizes up to ₹24.2 crores based on 2% of the five-day average traded value, making it attractive for institutional investors and large traders.
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Mojo Score and Rating Upgrade
National Aluminium Company Ltd currently holds a Mojo Score of 80.0, reflecting strong fundamentals and positive market sentiment. The company’s Mojo Grade was recently upgraded from 'Buy' to 'Strong Buy' on 11 Nov 2025, signalling improved confidence from analysts and investors alike. This upgrade is supported by the company’s solid market capitalisation of ₹64,659 crores, categorising it as a mid-cap stock with significant growth potential within the Non-Ferrous Metals sector.
Sectoral Context and Comparative Performance
Within the Aluminium & Aluminium Products sector, NATIONALUM’s 1-day return of -8.48% underperformed the sector’s decline of -5.31%. This relative weakness may be attributed to profit booking after recent gains or concerns over near-term demand and pricing pressures in the aluminium market. However, the stock’s long-term technical positioning above key moving averages and strong Mojo Grade suggest that the current dip could present a buying opportunity for investors with a medium- to long-term horizon.
Accumulation and Distribution Signals
The high volume traded near the day’s low price, combined with the consecutive decline in price, points towards distribution rather than accumulation in the short term. This indicates that sellers are more aggressive, potentially offloading positions amid profit-taking or risk aversion. However, the elevated delivery volumes imply that some investors may be accumulating shares for the long haul, anticipating a rebound or sectoral recovery. Monitoring subsequent sessions for volume-price confirmation will be critical to ascertain the prevailing trend.
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Outlook and Investor Considerations
Investors should weigh the recent price correction against the company’s strong fundamentals and upgraded rating. The stock’s ability to maintain levels above its medium- and long-term moving averages provides a technical cushion, while the surge in volume and delivery participation indicates heightened investor interest. However, the short-term weakness and distribution signals warrant caution, especially for traders seeking quick gains.
Given the stock’s liquidity and market cap grade of 2, NATIONALUM remains a viable option for portfolio diversification within the mid-cap space of the Non-Ferrous Metals sector. Market participants should monitor sectoral trends, aluminium price movements, and global demand-supply dynamics, which will continue to influence the stock’s trajectory.
Summary
National Aluminium Company Ltd’s exceptional trading volume on 1 Feb 2026 highlights significant market activity amid a sharp price decline. The stock’s upgraded Mojo Grade to Strong Buy and robust market capitalisation underpin its long-term potential, despite short-term distribution pressures. Investors are advised to analyse volume-price patterns closely and consider the broader sectoral context before making investment decisions.
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