XPRO India Ltd Faces Bearish Momentum Amid Technical Downturn

Price Performance and Market Context

On 1 February 2026, XPRO India Ltd closed at ₹942.85, down sharply by 7.75% from the previous close of ₹1,022.05. The intraday range saw a high of ₹1,022.50 and a low of ₹936.45, indicating significant volatility. The stock remains well below its 52-week high of ₹1,350.95, while still comfortably above its 52-week low of ₹850.05. This price movement underscores a weakening momentum after a period of relative strength.

Comparatively, the stock’s returns have lagged the broader market benchmarks over the short and medium term. Over the past week, XPRO India declined by 4.93%, while the Sensex gained 0.90%. Over the year, the stock has fallen 24.95%, contrasting with the Sensex’s 7.18% gain. Despite this, the company has delivered impressive long-term returns, with a five-year gain of 3,277.21% versus the Sensex’s 77.74%, highlighting its historical growth potential.

Technical Trend Shift: From Mildly Bearish to Bearish

The technical trend for XPRO India has shifted from mildly bearish to outright bearish, signalling increased downside risk. This shift is corroborated by multiple technical indicators across different timeframes.

The Moving Averages on the daily chart are firmly bearish, with the stock trading below key averages, indicating sustained selling pressure. The Bollinger Bands on both weekly and monthly charts are also bearish, suggesting the stock is trending towards the lower band, a sign of downward momentum and potential oversold conditions.

MACD and Momentum Indicators

The Moving Average Convergence Divergence (MACD) presents a mixed picture. On the weekly timeframe, the MACD remains mildly bullish, hinting at some underlying positive momentum. However, the monthly MACD has turned mildly bearish, reflecting a longer-term weakening trend. This divergence suggests that while short-term momentum may offer some relief, the broader trend remains negative.

The Know Sure Thing (KST) indicator aligns with this view, showing bearish signals on the weekly chart and mildly bearish on the monthly chart. This further confirms the weakening momentum and the likelihood of continued downward pressure in the near term.

Relative Strength Index and Volume Trends

The Relative Strength Index (RSI) on both weekly and monthly charts currently provides no clear signal, hovering in neutral territory. This lack of directional RSI signal indicates that the stock is neither overbought nor oversold, but the absence of bullish momentum is a concern given other bearish indicators.

On-Balance Volume (OBV) also shows no discernible trend on weekly or monthly charts, suggesting that volume is not confirming any strong directional move. This lack of volume support may limit any potential rallies and adds to the cautious outlook.

Dow Theory and Broader Technical Signals

According to Dow Theory, the weekly chart remains mildly bullish, suggesting some resilience in the short term. However, the monthly Dow Theory signal is mildly bearish, reinforcing the longer-term negative outlook. This divergence highlights the stock’s struggle to maintain upward momentum over extended periods.

Overall, the technical summary paints a cautious picture. The combination of bearish moving averages, negative Bollinger Bands positioning, and weakening MACD and KST indicators outweigh the neutral RSI and OBV signals. This confluence of factors has led to a downgrade in the MarketsMOJO grade from Sell to Strong Sell as of 15 September 2025, with a current Mojo Score of 21.0, signalling significant downside risk.

Market Capitalisation and Sectoral Context

XPRO India’s market capitalisation grade stands at 3, indicating a relatively small market cap within the packaging sector. This small-cap status often entails higher volatility and sensitivity to market swings, which is evident in the recent price fluctuations. The packaging industry itself has faced headwinds due to rising input costs and supply chain disruptions, which may be weighing on investor sentiment towards XPRO India.

Long-Term Performance and Investor Considerations

Despite the current bearish technical outlook, XPRO India’s long-term performance remains impressive. Over the past decade, the stock has delivered a staggering 2,860.75% return, vastly outperforming the Sensex’s 230.79% gain. This historical outperformance suggests that while short-term technicals are weak, the company’s fundamentals and growth prospects may still appeal to long-term investors willing to weather volatility.

However, the recent technical deterioration and downgrade to Strong Sell imply that investors should exercise caution and consider risk management strategies. The stock’s current price near ₹942.85 is closer to its 52-week low than its high, indicating limited upside in the near term without a technical reversal.

Conclusion: Technical Weakness Dominates Near-Term Outlook

XPRO India Ltd’s recent technical parameter changes indicate a clear shift towards bearish momentum. The downgrade to a Strong Sell grade by MarketsMOJO reflects the convergence of negative signals from moving averages, Bollinger Bands, MACD, and KST indicators. While the stock’s long-term returns remain robust, the short to medium-term technical outlook suggests investors should approach with caution.

Given the absence of strong volume support and neutral RSI readings, any potential recovery may be limited unless accompanied by a significant change in market sentiment or company fundamentals. Investors are advised to monitor key technical levels closely and consider alternative opportunities within the packaging sector and broader market.

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