Page Industries Declines 5.61% Amid Bearish Technical Shift and Rising Derivatives Activity

Feb 9: Surge in Derivatives Open Interest Amid Price Weakness

On Monday, Page Industries witnessed a notable 11.7% increase in open interest in its derivatives segment, rising from 29,785 to 33,279 contracts. This surge was accompanied by robust trading volumes, with a combined derivatives value exceeding ₹20,550.99 lakhs. Despite this heightened activity, the stock price declined by 1.89% to close at Rs.34,848.60, underperforming the Sensex which gained 1.04% that day.

The increase in open interest alongside falling prices suggests fresh positions were being established, possibly reflecting divergent views among traders or anticipation of increased volatility. Technically, the stock remained above its 5-day and 20-day moving averages but below longer-term averages, indicating short-term resilience amid longer-term bearish pressure. Delivery volumes contracted, signalling cautious investor participation despite active derivatives trading.

Feb 10: Technical Indicators Confirm Bearish Momentum

Tuesday’s session reinforced the bearish technical outlook for Page Industries. The stock declined a further 0.74% to Rs.34,589.40, while the Sensex advanced 0.25%. Key momentum indicators such as MACD, moving averages, and Bollinger Bands shifted decisively bearish, signalling increased selling pressure. The stock traded within a volatile range of Rs.34,450.00 to Rs.36,099.85, reflecting uncertainty among investors.

Despite a 52-week high of Rs.50,470.60, the current price remains closer to the 52-week low of Rs.32,132.95, underscoring the significant retracement. The Relative Strength Index (RSI) remained neutral, indicating the stock was not yet oversold, leaving room for further downside or consolidation. On-Balance Volume (OBV) and Dow Theory analyses showed no clear trend confirmation, reflecting market indecision amid deteriorating technical signals.

Feb 11 to Feb 13: Sustained Downtrend and Volume Contraction

From Wednesday through Friday, Page Industries continued its downward trajectory, closing at Rs.34,380.90 (-0.60%), Rs.33,840.95 (-1.57%), and Rs.33,525.00 (-0.93%) respectively. The Sensex, in contrast, showed a mixed performance with minor gains on Wednesday (+0.13%) before declining on Thursday (-0.56%) and Friday (-1.40%).

The persistent price decline was accompanied by moderate trading volumes, with Friday’s volume notably lower at 249 shares, indicating reduced investor participation. Technical indicators remained bearish, with the stock consistently trading below key moving averages and hugging the lower Bollinger Band, a classic sign of selling pressure. The lack of strong volume support suggests limited conviction behind any attempted rebounds during this period.

Overall, the stock underperformed the Sensex by a wide margin, falling 5.61% compared to the benchmark’s 0.54% decline for the week. This divergence highlights the stock’s vulnerability amid broader market weakness and sector-specific challenges.

Daily Price Performance vs Sensex

Key Takeaways

Heightened Derivatives Activity Amid Price Decline: The sharp increase in open interest on 9 February, despite a falling stock price, indicates active repositioning by traders. This divergence suggests anticipation of volatility or directional moves, though the underlying equity showed weakness.

Bearish Technical Momentum: From 10 February onwards, multiple technical indicators including MACD, moving averages, and Bollinger Bands confirmed a bearish trend. The stock’s failure to sustain above key moving averages and its proximity to the lower Bollinger Band highlight ongoing selling pressure.

Underperformance Relative to Sensex: Page Industries declined 5.61% over the week, significantly underperforming the Sensex’s 0.54% drop. This gap underscores sector-specific challenges and technical headwinds impacting the stock.

Volume and Investor Participation: Delivery volumes contracted during the week, signalling cautious long-term investor involvement. The moderate traded volumes suggest limited conviction behind price moves, warranting close monitoring of volume trends for future signals.

Mojo Score and Grade: The stock holds a Mojo Score of 55.0 with a Mojo Grade of Hold, reflecting cautious optimism amid mixed technical and fundamental factors. The upgrade from Sell in September 2025 indicates some improvement but does not negate the current bearish technical outlook.

Conclusion

Page Industries Ltd’s performance during the week of 9 to 13 February 2026 was characterised by a notable decline of 5.61%, driven by a complex interplay of increased derivatives activity and deteriorating technical momentum. The surge in open interest on Monday suggested active repositioning by market participants, yet the underlying equity price weakened consistently throughout the week. Technical indicators confirmed a bearish trend, with the stock trading below key moving averages and showing signs of sustained selling pressure.

Compared to the broader market, Page Industries underperformed significantly, highlighting sector-specific challenges and investor caution. The contraction in delivery volumes further emphasises the subdued participation from long-term holders. While the Mojo Grade of Hold signals some fundamental stability, the prevailing technical signals counsel prudence.

Investors and traders should remain vigilant to evolving market cues, particularly monitoring volume trends and derivative positioning, to navigate the stock’s near-term outlook effectively. The current environment suggests a cautious stance as Page Industries contends with technical headwinds amid broader market fluctuations.

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