Key Events This Week
21 Sep: Technical momentum shifts to bullish
22 Sep: Technical momentum softens to mildly bullish amid mixed signals
25 Sep: Mojo Grade upgraded to Buy on strong technical and financial performance
25 Sep: Bullish momentum confirmed with robust price gains
21 September 2026: Technical Momentum Shifts to Bullish
On Monday, Tamil Nadu Newsprint & Papers Ltd demonstrated a significant shift in technical momentum, moving from a mildly bullish to a more confident bullish trend. The stock closed at Rs.148.45, down 1.95% from the previous close, but technical indicators such as MACD, moving averages, and Bollinger Bands signalled renewed investor interest. The price remained comfortably above key short- and medium-term moving averages, suggesting upward traction after recovering from a 52-week low of Rs.121.05.
Volume was moderate at 4,756 shares, and the stock’s relative strength was evident compared to the Sensex’s 0.46% gain that day. The bullish MACD on weekly and monthly charts, alongside a neutral RSI, indicated room for further upside without immediate overbought risk. On-balance volume readings supported the price advances, highlighting buying pressure outweighing selling.
22 September 2026: Momentum Softens Amid Mixed Market Signals
Tuesday saw a pullback in the stock price to Rs.142.50, a decline of 2.10%, reflecting a shift from bullish to mildly bullish technical momentum. Despite the price drop, the stock remained above its 52-week low, trading within a range of Rs.145.30 to Rs.149.75. The MACD indicator showed a divergence with weekly charts mildly bearish but monthly charts retaining mild bullishness, signalling short-term caution amid longer-term optimism.
The RSI remained neutral, and Bollinger Bands suggested increased volatility with a bearish weekly stance. Daily moving averages still indicated mild bullishness, offering potential short-term trading opportunities. The stock underperformed the Sensex, which declined 0.32% that day, reflecting mixed investor sentiment amid broader market weakness.
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23 September 2026: Recovery and Positive Price Movement
Wednesday marked a recovery day with the stock closing at Rs.144.80, up 1.61%. The price rebound was supported by a volume of 9,350 shares and a Sensex gain of 0.56%. Technical indicators began to show signs of stabilisation, with moving averages maintaining a mildly bullish stance and MACD signals mixed but leaning positive on monthly charts. The stock’s relative strength improved as it outperformed the Sensex, signalling renewed investor confidence.
24 September 2026: Strong Bullish Momentum and Price Surge
Thursday was the standout day of the week, with Tamil Nadu Newsprint & Papers Ltd surging 3.83% to close at Rs.150.35 on heavy volume of 44,688 shares. This price gain came despite a sharp 1.62% decline in the Sensex, underscoring the stock’s outperformance. Technical momentum shifted decisively to bullish, supported by strong MACD and Bollinger Bands readings on weekly and monthly charts.
The stock’s price action reflected a consolidation phase with upward potential, trading well above its 52-week low and approaching the mid-range of its 52-week high of Rs.176.25. This day’s gains were a precursor to the MarketsMOJO upgrade announced the following day, reflecting improved fundamentals and technical strength.
25 September 2026: Mojo Grade Upgrade and Continued Bullish Momentum
Friday capped the week with a further gain of 0.47%, closing at Rs.151.05. The stock’s Mojo Grade was upgraded from Hold to Buy, with the Mojo Score rising to 71.0. This upgrade was driven by strong quarterly financial performance, including a 177.5% increase in quarterly PAT to Rs.5.74 crores and operating profit growth at an annualised rate of 62.27%.
Despite modest ROCE and ROE figures, the company’s valuation remains attractive with an enterprise value to capital employed ratio of 0.7, signalling a discount relative to peers. Technical indicators confirmed a bullish trend with positive MACD and Bollinger Bands, while daily moving averages supported upward momentum. The stock outperformed the Sensex’s modest 0.18% gain that day, reinforcing the positive sentiment.
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| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-09-21 | Rs.148.45 | -1.95% | 35,787.64 | +0.46% |
| 2026-09-22 | Rs.142.50 | -2.10% | 35,672.04 | -0.32% |
| 2026-09-23 | Rs.144.80 | +1.61% | 35,870.78 | +0.56% |
| 2026-09-24 | Rs.150.35 | +3.83% | 35,291.38 | -1.62% |
| 2026-09-25 | Rs.151.05 | +0.47% | 35,353.29 | +0.18% |
Key Takeaways
Positive Signals: The week saw a clear shift in technical momentum from mildly bullish to bullish, supported by strong MACD and Bollinger Bands readings. The MarketsMOJO upgrade to a Buy rating reflects improved fundamentals, including a 177.5% surge in quarterly PAT and robust operating profit growth. The stock outperformed the Sensex consistently, highlighting relative strength amid broader market weakness.
Cautionary Notes: Despite the positive momentum, the company’s ROCE of 1.8% and ROE of 8.34% remain modest, indicating room for improvement in capital efficiency and profitability. The high Debt to EBITDA ratio of 4.92 times poses leverage risks, and a slight reduction in institutional holdings suggests some investor caution. Mixed signals from short-term technical indicators such as the KST and Dow Theory advise vigilance for potential volatility or consolidation.
Conclusion
Tamil Nadu Newsprint & Papers Ltd’s performance in the week ending 25 September 2026 was characterised by a transition to stronger bullish momentum, underpinned by both technical upgrades and solid financial results. The MarketsMOJO upgrade to a Buy rating signals renewed confidence, supported by impressive quarterly profit growth and positive price action. While the stock’s micro-cap status and leverage concerns warrant careful monitoring, the prevailing technical and fundamental trends suggest a constructive outlook. Investors should continue to track key momentum indicators and financial metrics to assess the sustainability of this upward trajectory.
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