S H Kelkar & Company Ltd Technical Momentum Shifts Amid Bearish Signals

Price Movement and Market Context

The stock closed at ₹179.45 on 12 Jan 2026, down 2.45% from the previous close of ₹183.95. Intraday trading saw a high of ₹183.30 and a low of ₹173.60, reflecting increased volatility. The 52-week range remains wide, with a high of ₹275.20 and a low of ₹141.50, indicating significant price fluctuations over the past year.

Comparatively, the stock’s recent returns have been mixed against the broader Sensex benchmark. Over the past week, S H Kelkar declined by 0.80%, outperforming the Sensex’s sharper fall of 2.55%. However, on a one-month basis, the stock gained 7.84%, contrasting with the Sensex’s 1.29% decline. Year-to-date, the stock is marginally positive at 0.22%, while the Sensex is down 1.93%. Over longer horizons, the stock has underperformed, with a one-year return of -20.76% versus Sensex’s 7.67%, and a ten-year return of -30.61% compared to Sensex’s robust 235.19%.

Technical Trend Shift: From Mildly Bearish to Bearish

The technical trend for S H Kelkar has shifted from mildly bearish to outright bearish, signalling a deterioration in price momentum. This shift is corroborated by several technical indicators across different timeframes.

The Moving Average Convergence Divergence (MACD) indicator remains bearish on the weekly chart and mildly bearish on the monthly chart, suggesting that the downward momentum is more pronounced in the short term but shows some moderation over longer periods. The Relative Strength Index (RSI) currently offers no clear signal on either weekly or monthly charts, indicating a lack of strong momentum either way but hinting at a neutral to weak momentum environment.

Bollinger Bands analysis reveals a bearish stance on the weekly timeframe and mildly bearish on the monthly, implying that price volatility is skewed towards downside pressure in the near term. Daily moving averages confirm a bearish trend, with the stock trading below key averages, signalling sustained selling pressure.

Additional Technical Indicators: KST, Dow Theory, and OBV

The Know Sure Thing (KST) oscillator aligns with the bearish narrative, showing bearish momentum on the weekly chart and mildly bearish on the monthly. This suggests that the stock’s price momentum is weakening but with some potential for short-term relief.

Interestingly, Dow Theory presents a mixed picture: weekly signals are mildly bullish, indicating some short-term optimism, while monthly signals remain mildly bearish, reinforcing the longer-term caution. This divergence highlights the complexity of the current technical landscape for S H Kelkar.

On-Balance Volume (OBV) analysis also reflects this duality, with weekly readings mildly bullish, suggesting some accumulation by volume in the short term, but monthly readings mildly bearish, indicating that longer-term selling pressure persists.

Mojo Score and Market Capitalisation Insights

S H Kelkar currently holds a Mojo Score of 34.0, categorised as a Sell, an improvement from its previous Strong Sell grade as of 6 Jan 2026. This upgrade reflects a slight easing in negative sentiment but remains firmly in the sell territory. The company’s market cap grade is 3, indicating a relatively modest market capitalisation within its sector.

Given the technical deterioration and the modest Mojo Score, investors should approach the stock with caution, especially considering its underperformance relative to the Sensex over the medium to long term.

Sector and Industry Context

Operating within the Specialty Chemicals sector, S H Kelkar faces sector-specific challenges including raw material cost volatility and competitive pressures. The sector itself has seen mixed technical signals, with some peers showing stronger momentum. This context emphasises the importance of closely monitoring technical indicators for timely entry and exit decisions.

Investor Takeaway and Outlook

The technical landscape for S H Kelkar & Company Ltd is currently dominated by bearish momentum, with multiple indicators confirming a weakening price trend. The shift from mildly bearish to bearish technical trend, combined with daily moving averages trending downward, suggests that the stock may face further downside pressure in the near term.

While some weekly indicators such as Dow Theory and OBV show mild bullishness, these are insufficient to offset the broader negative signals. The lack of clear RSI signals further underscores the absence of strong momentum to the upside.

Investors should weigh these technical signals alongside fundamental considerations and sector dynamics before making investment decisions. The stock’s underperformance relative to the Sensex over the past year and decade highlights the need for careful risk management.

For those seeking alternatives, analytical tools that evaluate fundamentals, momentum, and value may provide better opportunities within the Specialty Chemicals sector or beyond.

Summary of Key Technical Metrics:

• Current Price: ₹179.45 (down 2.45% today)


• MACD: Weekly Bearish, Monthly Mildly Bearish


• RSI: No clear signal (Weekly & Monthly)


• Bollinger Bands: Weekly Bearish, Monthly Mildly Bearish


• Moving Averages: Daily Bearish


• KST: Weekly Bearish, Monthly Mildly Bearish


• Dow Theory: Weekly Mildly Bullish, Monthly Mildly Bearish


• OBV: Weekly Mildly Bullish, Monthly Mildly Bearish


• Mojo Score: 34.0 (Sell), upgraded from Strong Sell on 6 Jan 2026

Conclusion

In conclusion, S H Kelkar & Company Ltd’s technical parameters indicate a clear shift towards bearish momentum, with multiple indicators signalling caution. While some short-term bullish signals exist, the overall trend remains negative, suggesting that investors should remain vigilant and consider alternative opportunities within the sector or broader market.

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