Rajesh Exports Ltd Hits Upper Circuit Amid Robust Buying Pressure

Strong Market Performance and Price Action

On 3 February 2026, Rajesh Exports Ltd (Stock ID: 137053) demonstrated exceptional market strength by hitting the upper circuit limit of ₹169.5, an increase of ₹8.07 or 5.0% from its previous close. The stock opened with a gap-up at ₹169.5 and maintained this price throughout the trading session, indicating intense buying interest and a lack of sellers willing to transact below the circuit limit.

This price movement outpaced the Gems, Jewellery and Watches sector, which gained 3.35% on the same day, and also outperformed the Sensex, which rose by 2.56%. The stock’s 1-day return of 5.0% was notably higher than the sector’s 3.54% gain, underscoring its relative strength within the industry.

Volume and Liquidity Insights

Trading volumes for Rajesh Exports Ltd stood at 0.79344 lakh shares, with a turnover of ₹1.34 crore. While the volume is moderate, it is sufficient to support a trade size of approximately ₹0.04 crore based on 2% of the 5-day average traded value, indicating reasonable liquidity for investors looking to enter or exit positions.

Delivery volumes also showed a positive trend, with 12,800 shares delivered on 2 February 2026, representing a 5.69% increase compared to the 5-day average delivery volume. This rise in delivery volume suggests that investors are not merely trading intraday but are holding shares, signalling confidence in the stock’s medium-term prospects.

Technical Positioning and Moving Averages

From a technical standpoint, Rajesh Exports Ltd’s current price is above its 5-day and 20-day moving averages, indicating short-term bullish momentum. However, it remains below its 50-day, 100-day, and 200-day moving averages, suggesting that the stock is still in a longer-term consolidation phase and has room for further upside if it can sustain the current buying interest.

Regulatory Freeze and Unfilled Demand

The stock’s upper circuit hit triggered an automatic regulatory freeze, halting further trades at prices above ₹169.5 for the remainder of the day. This freeze is a mechanism designed to curb excessive volatility and protect investors from erratic price swings. The freeze also indicates that there was substantial unfilled demand at the circuit price, with buy orders exceeding sell orders significantly.

Such a scenario often reflects strong market sentiment and can be a precursor to continued upward momentum if the buying interest sustains in subsequent sessions. However, investors should remain cautious as the stock’s current Mojo Score stands at 41.0 with a Mojo Grade of Sell, downgraded from Hold on 31 December 2025, signalling underlying concerns despite the recent price rally.

Fundamental and Market Capitalisation Context

Rajesh Exports Ltd operates within the Gems, Jewellery and Watches industry and is classified as a small-cap company with a market capitalisation of approximately ₹5,004.66 crore. The company’s recent downgrade in Mojo Grade to Sell reflects a cautious stance by analysts, possibly due to valuation concerns or sector headwinds.

Despite this, the stock’s recent price action suggests that investors are currently optimistic, possibly anticipating positive developments or sector tailwinds that could improve the company’s outlook. The Gems, Jewellery and Watches sector has shown resilience, with a 3.35% gain on the day, supported by rising gold prices and festive demand in key markets.

Sectoral and Broader Market Comparison

Comparing Rajesh Exports Ltd’s performance to its sector peers, the stock’s 5.0% gain outstrips the sector’s 3.35% rise, highlighting its relative strength. The broader market, represented by the Sensex, advanced by 2.56%, further emphasising the stock’s outperformance on the day.

This outperformance may attract attention from momentum traders and institutional investors looking for stocks with strong technical setups and sector tailwinds. However, the stock’s position below longer-term moving averages suggests that a sustained rally will require confirmation through improved fundamentals or positive news flow.

Investor Takeaways and Outlook

Rajesh Exports Ltd’s upper circuit hit is a clear indication of strong buying interest and positive short-term momentum. Investors should note the stock’s outperformance relative to its sector and the broader market, as well as the increased delivery volumes signalling genuine accumulation.

However, the downgrade to a Sell Mojo Grade and the stock’s position below key longer-term moving averages warrant caution. Prospective investors should closely monitor upcoming quarterly results, sector developments, and any changes in regulatory or macroeconomic conditions that could impact the Gems and Jewellery industry.

Given the current scenario, the stock may offer trading opportunities for momentum investors, but a thorough fundamental analysis is advisable before committing to a long-term position.

Summary of Key Metrics:

• Closing Price: ₹169.5 (Upper circuit limit)
• Daily Gain: 5.0% (₹8.07 increase)
• Volume Traded: 0.79344 lakh shares
• Turnover: ₹1.34 crore
• Market Capitalisation: ₹5,004.66 crore (Small Cap)
• Mojo Score: 41.0 (Sell, downgraded from Hold on 31 Dec 2025)
• Sector Gain: 3.35%
• Sensex Gain: 2.56%

Investors should weigh the strong technical signals against the fundamental caution flags before making investment decisions.

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