Tribhovandas Bhimji Zaveri Ltd Faces Bearish Momentum Amid Mixed Technical Signals

Technical Momentum and Moving Averages Signal Bearish Shift

As of 23 January 2026, TBZ’s share price closed at ₹168.00, down 2.27% from the previous close of ₹171.90. The stock traded within a range of ₹167.25 to ₹175.00 during the day, reflecting heightened volatility. The 52-week high stands at ₹232.75, while the 52-week low is ₹155.35, indicating the stock is currently closer to its lower range, which aligns with the bearish technical outlook.

The daily moving averages have turned bearish, signalling downward momentum in the short term. This is a critical observation as moving averages often act as dynamic support and resistance levels. The bearish crossover in these averages suggests that selling pressure is increasing, and the stock may face further downside unless it can reclaim these averages decisively.

MACD and KST Indicators Confirm Bearish Bias

The Moving Average Convergence Divergence (MACD) indicator presents a nuanced picture. On a weekly basis, the MACD remains bearish, reinforcing the recent downward momentum. The monthly MACD is mildly bearish, indicating that while the longer-term trend is not strongly negative, it is not supportive of a bullish reversal at this stage.

Similarly, the Know Sure Thing (KST) indicator, which is a momentum oscillator, shows bearish signals on the weekly chart and mildly bearish readings on the monthly chart. This combination suggests that momentum is weakening across multiple timeframes, which could translate into sustained pressure on the stock price.

RSI and Bollinger Bands Show Neutral to Mildly Bearish Signals

The Relative Strength Index (RSI) on both weekly and monthly charts currently shows no definitive signal, hovering in neutral territory. This implies that the stock is neither overbought nor oversold, leaving room for further movement in either direction. However, the Bollinger Bands on weekly and monthly timeframes are mildly bearish, indicating that price volatility is skewed towards the downside, and the stock is trading near the lower band, which often acts as a support level.

On-Balance Volume and Dow Theory Offer Mixed Perspectives

The On-Balance Volume (OBV) indicator, which measures buying and selling pressure, shows a mildly bearish trend on the weekly chart but a bullish trend on the monthly chart. This divergence suggests that while short-term volume trends favour sellers, longer-term accumulation might be occurring, potentially cushioning the downside risk.

Dow Theory analysis adds further complexity. The weekly Dow Theory reading is mildly bullish, hinting at some underlying strength in the short term. Conversely, the monthly Dow Theory remains mildly bearish, indicating that the broader trend is still under pressure. This mixed outlook underscores the importance of monitoring price action closely in the coming weeks.

Comparative Performance: TBZ vs Sensex

When analysing returns relative to the benchmark Sensex, TBZ has outperformed over shorter periods but lagged over the longer term. Year-to-date, TBZ has gained 2.19%, while the Sensex has declined by 3.42%. Over the past month, TBZ rose 2.91% compared to a 3.81% drop in the Sensex, and over the last week, TBZ gained 1.88% against a 1.29% fall in the benchmark.

However, over the one-year horizon, TBZ has underperformed significantly, with a negative return of 13.29% compared to a 7.73% gain in the Sensex. Over three and five years, TBZ has delivered robust returns of 122.52% and 122.08% respectively, outperforming the Sensex’s 35.77% and 68.39%. Over ten years, TBZ’s 137.79% return trails the Sensex’s 236.83%, reflecting the cyclical nature of the gems and jewellery sector.

Mojo Score Upgrade Reflects Cautious Optimism

MarketsMOJO has upgraded TBZ’s Mojo Grade from Sell to Hold as of 12 January 2026, reflecting a cautious but improved outlook. The current Mojo Score stands at 51.0, indicating a neutral stance. The Market Cap Grade remains modest at 3, consistent with the company’s mid-tier market capitalisation within the sector.

This upgrade suggests that while the stock is not yet a strong buy, it is no longer a clear sell, signalling that investors should watch for further developments before committing additional capital.

Investment Implications and Outlook

Investors in Tribhovandas Bhimji Zaveri Ltd should approach the stock with measured caution given the prevailing bearish technical momentum. The daily moving averages and weekly MACD reinforce the risk of further downside, while neutral RSI readings suggest the stock is not yet oversold enough to trigger a strong rebound.

Longer-term investors may find some comfort in the monthly OBV bullishness and the company’s strong multi-year returns relative to the Sensex. However, the mixed signals from Dow Theory and KST indicators imply that the stock’s trajectory remains uncertain in the near term.

Given the current technical landscape, a Hold rating is appropriate, reflecting neither a strong buy nor a sell recommendation. Investors should monitor key support levels near ₹155 and watch for any bullish reversal signals, such as a positive MACD crossover or RSI moving into oversold territory, before considering new positions.

Sector dynamics in gems and jewellery, including consumer demand trends and gold price fluctuations, will also play a critical role in shaping TBZ’s performance going forward.

Summary

Tribhovandas Bhimji Zaveri Ltd’s recent technical parameter changes highlight a shift towards bearish momentum, with key indicators such as moving averages and MACD signalling caution. While some longer-term indicators and relative performance metrics offer a more balanced view, the overall technical picture suggests investors should remain vigilant and consider the stock a Hold at present.

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