Technical Momentum Gains Traction
Thangamayil Jewellery Ltd (NSE: 633228) has witnessed a significant technical parameter change, moving from a mildly bullish to a bullish trend. This shift is underscored by the stock’s current price of ₹3,718.05, up 3.44% from the previous close of ₹3,594.55, with intraday highs reaching ₹3,791.65. The stock remains comfortably above its 52-week low of ₹1,526.45 and is approaching its 52-week high of ₹4,138.15, reflecting strong upward momentum.
The daily moving averages have turned decisively bullish, indicating sustained buying interest over the short term. This is complemented by the Bollinger Bands on both weekly and monthly charts, which are signalling bullish conditions, suggesting that volatility is expanding in favour of upward price movement.
Mixed Signals from Momentum Oscillators
Examining the Moving Average Convergence Divergence (MACD) indicator reveals a nuanced picture. While the weekly MACD remains mildly bearish, the monthly MACD has turned bullish, signalling that longer-term momentum is strengthening despite some short-term consolidation. This divergence suggests that while the stock may experience minor pullbacks in the near term, the broader trend remains positive.
The Relative Strength Index (RSI) on both weekly and monthly timeframes currently shows no definitive signal, hovering in neutral territory. This indicates that the stock is neither overbought nor oversold, providing room for further upward movement without immediate risk of a sharp correction.
Additional Technical Indicators Support Bullish Outlook
The Know Sure Thing (KST) oscillator presents a similar mixed stance, mildly bearish on the weekly chart but bullish on the monthly. This aligns with the MACD’s message, reinforcing the idea that longer-term momentum is improving even as short-term indicators suggest caution.
Dow Theory analysis also supports this view, with weekly readings mildly bullish and monthly readings bullish, indicating that the stock is in an overall upward phase according to this classic trend-following framework.
On-Balance Volume (OBV) remains flat on both weekly and monthly charts, suggesting that volume trends have yet to confirm the price gains fully. This could imply that while price momentum is positive, investor participation is still building, which may lead to further gains as volume picks up.
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Strong Relative Performance Against Sensex
Thangamayil Jewellery Ltd’s price momentum is further validated by its impressive returns relative to the benchmark Sensex index. Year-to-date, the stock has surged 15.57%, outperforming the Sensex’s decline of 2.28%. Over the past year, the stock has delivered a remarkable 106.16% return, vastly exceeding the Sensex’s 9.66% gain.
Longer-term performance is even more striking, with a three-year return of 651.98% compared to the Sensex’s 35.81%, and a five-year return of 1,166.02% versus the Sensex’s 59.83%. Over a decade, the stock has appreciated by an extraordinary 4,048.10%, dwarfing the Sensex’s 259.08% increase. These figures underscore the company’s robust growth trajectory and its ability to generate substantial shareholder value over time.
Mojo Score and Grade Upgrade Reflect Confidence
Reflecting these positive technical developments and strong price momentum, MarketsMOJO has upgraded Thangamayil Jewellery Ltd’s Mojo Grade from Buy to Strong Buy as of 09 Feb 2026. The company’s Mojo Score stands at an impressive 84.0, signalling high conviction among analysts and technical experts. Despite a modest Market Cap Grade of 3, the stock’s technical and fundamental outlook remains compelling.
This upgrade is a clear endorsement of the stock’s bullish trend and suggests that investors should consider increasing exposure, particularly given the favourable technical backdrop and strong relative performance.
Key Technical Levels to Watch
From a price perspective, the stock’s current level near ₹3,718 is approaching resistance around the 52-week high of ₹4,138.15. A sustained breakout above this level could trigger further upside momentum. Support is evident near the recent intraday low of ₹3,532.25, which aligns with the daily moving averages, providing a cushion against downside risk.
Investors should monitor the MACD and KST indicators for confirmation of sustained bullish momentum, particularly on the weekly charts where mild bearishness persists. A shift to bullish readings on these shorter-term oscillators would reinforce the positive monthly signals and potentially accelerate gains.
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Sector Context and Outlook
Within the Gems, Jewellery and Watches sector, Thangamayil Jewellery Ltd stands out for its technical resilience and strong price appreciation. The sector has faced headwinds from fluctuating gold prices and changing consumer demand patterns, yet this stock’s technical indicators suggest it is well-positioned to capitalise on a recovery.
Investors should remain mindful of broader market conditions and sector-specific risks, but the current technical setup provides a favourable risk-reward profile. The combination of bullish moving averages, positive monthly MACD, and supportive Bollinger Bands indicates that the stock’s upward momentum is sustainable.
Conclusion: A Bullish Technical Narrative
Thangamayil Jewellery Ltd’s recent technical parameter change marks a pivotal moment in its price momentum trajectory. The upgrade to a Strong Buy Mojo Grade, supported by an 84.0 Mojo Score, reflects growing confidence in the stock’s ability to deliver further gains. While some weekly indicators remain cautious, the dominant monthly signals and moving averages point to a robust bullish trend.
With strong relative returns against the Sensex and a clear technical framework supporting continued upside, Thangamayil Jewellery Ltd is a compelling candidate for investors seeking exposure to the Gems, Jewellery and Watches sector. Monitoring key technical levels and volume trends will be essential to gauge the sustainability of this momentum.
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