Weekly structural research · NSI · Consumer Cyclical

SPAL Stage Analysis

S.P. Apparels Limited

Week ending 2 Oct 2026Close INR 935.60Tenure NewBenchmark ^NSEI

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Upward Expansion · Re-accelerating

The weekly architecture is expanding upward.

Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing.

The Trend gate is up within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: moderate and contracting.

Direction 14−100 bearish to +100 bullish

Energy 10/100directional strength

Maturity 38/100lifecycle context

Confidence 74/100evidence agreement

Trend gate Upstructural direction

Activity structure Moderatecontracting separation

Price acceptance +33.3%position within the Activity structure

Fair Value context +21.4%INR 770.73 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-02	935.60	900.16	24.19	126772	Upward Expansion	14	10
2026-09-25	965.60	891.82	25.08	157838	Upward Expansion	40	27
2026-09-18	994.30	883.22	28.62	190990	Upward Expansion	53	37
2026-09-11	1,023.00	874.53	32.97	299043	Deceleration	54	33
2026-09-04	1,071.10	865.69	37.44	602428	Deceleration	65	33
2026-08-28	1,019.12	853.58	30.44	789999	Deceleration	43	23
2026-08-21	927.82	842.08	19.26	151087	Deceleration	36	25
2026-08-14	934.65	832.60	20.21	91100	Deceleration	41	28
2026-08-07	1,033.67	822.63	32.41	41051	Upward Expansion	48	38
2026-07-31	989.30	810.92	28.61	44816	Upward Expansion	61	53
2026-07-24	1,002.80	801.60	34.47	91370	Upward Expansion	66	65
2026-07-17	992.20	791.47	30.66	159205	Upward Expansion	68	88
2026-07-10	1,159.70	782.07	54.34	116082	Upward Expansion	88	96
2026-07-03	1,118.60	767.64	49.82	326603	Upward Expansion	90	96
2026-06-26	1,099.95	755.51	49.82	0	Upward Expansion	93	95
2026-06-19	1,028.40	744.94	41.46	2021580	Upward Expansion	89	78
2026-06-12	796.05	737.09	12.03	26176	Upward Expansion	54	33
2026-06-05	812.20	736.70	15.70	18047	Upward Expansion	61	36
2026-05-29	782.05	732.07	10.66	107516	Upward Expansion	54	36
2026-05-22	776.35	730.65	9.10	196155	Upward Expansion	58	54
2026-05-15	781.65	728.33	10.04	162235	Upward Expansion	62	66
2026-05-08	812.75	725.35	11.70	84093	Upward Expansion	69	69
2026-05-01	811.05	721.90	12.08	132151	Upward Expansion	67	63
2026-04-24	781.05	719.21	8.66	206163	Balance	61	53
2026-04-17	764.80	716.84	4.59	144284	Balance	19	29
2026-04-10	762.95	717.17	5.74	120366	Balance	17	18
2026-04-03	717.15	716.53	5.33	113045	Balance	-25	10
2026-03-27	700.75	717.08	2.37	103214	Balance	-31	15
2026-03-20	715.25	717.94	3.28	134971	Balance	-26	13
2026-03-13	694.80	718.49	0.23	152128	Balance	-31	12
2026-03-06	685.55	720.92	-6.28	130552	Balance	-29	19
2026-02-27	707.45	722.71	-6.28	380806	Balance	-21	20
2026-02-20	733.80	725.18	-4.43	244022	Downward Expansion	-19	18
2026-02-13	757.65	728.23	-1.20	1462669	Downward Expansion	-19	10
2026-02-06	707.85	729.81	-8.92	1142112	Downward Expansion	-54	36
2026-01-30	674.15	734.21	-12.41	216389	Downward Expansion	-60	60
2026-01-23	643.55	740.13	-15.92	212248	Downward Expansion	-68	65
2026-01-16	635.55	746.92	-19.57	83445	Downward Expansion	-74	66
2026-01-09	682.35	753.05	-14.43	138035	Downward Expansion	-61	51
2026-01-02	709.75	756.48	-13.79	84381	Balance	-41	31
2025-12-26	698.65	760.55	-14.77	137593	Balance	-44	28
2025-12-19	710.30	764.09	-13.77	261080	Balance	-37	16
2025-12-12	726.75	769.44	-12.64	167231	Balance	-16	15
2025-12-05	754.80	775.06	-10.29	252328	Balance	-6	18
2025-11-28	782.85	779.20	-7.48	237715	Balance	-5	14
2025-11-21	792.95	777.35	-6.18	864739	Downward Expansion	-12	13
2025-11-14	784.20	774.89	-6.86	453086	Downward Expansion	-25	14
2025-11-07	673.35	772.69	-18.93	113937	Downward Expansion	-67	47
2025-10-31	739.55	773.44	-12.42	124167	Downward Expansion	-55	39
2025-10-24	706.65	773.70	-16.99	60689	Downward Expansion	-57	50
2025-10-17	692.25	772.79	-18.82	67616	Downward Expansion	-63	53
2025-10-10	709.20	772.98	-15.88	99594	Downward Expansion	-59	35
2025-10-03	730.50	770.74	-12.39	105626	Deceleration	-26	20
2025-09-26	709.85	769.95	-14.38	221855	Deceleration	-34	23
2025-09-19	774.80	768.86	-9.51	171426	Rotation Down	-25	19
2025-09-12	743.80	767.93	-12.68	140125	Rotation Down	-20	32
2025-09-05	733.40	771.49	-13.09	126641	Rotation Down	-23	39
2025-08-29	726.65	774.74	-13.44	193714	Rotation Down	-25	43
2025-08-22	731.85	777.88	-14.60	347018	Balance	-24	34
2025-08-15	767.60	781.24	-9.90	441530	Balance	-12	17
2025-08-08	739.38	786.61	-12.48	193079	Balance	-19	18
2025-08-01	781.56	791.68	-8.55	168764	Balance	27	14
2025-07-25	825.15	795.82	-4.66	451959	Balance	46	23
2025-07-18	805.10	799.72	-7.53	181654	Balance	21	18
2025-07-11	839.71	803.20	-4.34	193025	Balance	24	24
2025-07-04	851.97	806.57	-4.16	209669	Balance	26	17
2025-06-27	847.18	808.74	-5.40	113664	Balance	16	11
2025-06-20	819.31	810.04	-6.46	112518	Balance	-0	4
2025-06-13	785.25	809.98	-8.73	142062	Rotation Up	13	13
2025-06-06	831.88	811.08	-4.11	189930	Rotation Up	18	40
2025-05-30	804.80	814.94	-5.84	354100	Rotation Up	19	33
2025-05-23	870.87	818.68	1.89	272126	Rotation Up	24	36
2025-05-16	895.45	818.78	4.60	222205	Downward Expansion	27	27
2025-05-09	879.00	818.70	7.59	1401525	Downward Expansion	-7	11
2025-05-02	727.16	819.25	-11.71	58436	Downward Expansion	-39	23
2025-04-25	719.23	825.32	-11.36	127372	Downward Expansion	-39	23
2025-04-18	718.34	834.53	-10.58	59518	Downward Expansion	-42	27
2025-04-11	695.70	841.90	-9.29	215533	Downward Expansion	-56	34
2025-04-04	747.31	852.13	-2.65	234935	Downward Expansion	-57	40
2025-03-28	679.44	862.90	-13.51	346566	Downward Expansion	-62	56
2025-03-21	697.94	869.25	-10.36	99401	Downward Expansion	-62	69
2025-03-14	642.00	875.96	-13.82	175799	Downward Expansion	-75	77
2025-03-07	706.92	883.70	-5.56	207760	Downward Expansion	-68	69
2025-02-28	677.05	889.69	-7.54	93379	Downward Expansion	-79	71
2025-02-21	746.96	895.68	-0.82	133209	Downward Expansion	-68	60
2025-02-14	850.43	899.36	12.54	233210	Downward Expansion	-51	49
2025-02-07	830.93	898.84	7.65	177418	Balance	-54	47
2025-01-31	820.96	898.76	7.02	161204	Balance	-55	39
2025-01-24	832.47	899.28	11.01	77927	Balance	-18	12
2025-01-17	928.76	895.82	23.83	190783	Deceleration	36	16
2025-01-10	891.46	887.47	18.56	120619	Deceleration	28	14
2025-01-03	905.72	878.22	18.35	112620	Deceleration	37	23
2024-12-27	942.18	867.15	24.88	235196	Deceleration	41	27
2024-12-20	909.71	854.66	22.60	494720	Deceleration	31	20
2024-12-13	940.83	844.20	21.48	258309	Deceleration	38	16
2024-12-06	916.94	832.40	19.51	139941	Deceleration	16	14
2024-11-29	886.08	820.94	18.60	193486	Deceleration	11	12
2024-11-22	817.72	810.90	10.94	121161	Deceleration	2	9
2024-11-15	818.11	803.23	12.90	53341	Deceleration	4	7
2024-11-08	947.71	794.87	27.83	49961	Deceleration	40	20
2024-11-01	917.04	783.11	23.61	31195	Deceleration	31	18
2024-10-25	873.81	772.59	19.05	50481	Deceleration	31	21
2024-10-18	892.96	762.76	18.87	45561	Deceleration	38	23
2024-10-11	895.75	751.71	19.07	73343	Upward Expansion	43	29
2024-10-04	909.17	740.31	21.11	65118	Upward Expansion	57	43
2024-09-27	995.38	729.76	27.53	355132	Upward Expansion	65	55
2024-09-20	939.53	717.11	23.16	105475	Upward Expansion	63	54
2024-09-13	1,002.71	706.88	34.65	386563	Upward Expansion	72	60
2024-09-06	1,070.28	693.33	47.86	494363	Upward Expansion	87	64
2024-08-30	870.12	678.28	19.55	101506	Upward Expansion	63	52
2024-08-23	899.04	668.86	25.97	144425	Upward Expansion	70	58
2024-08-16	874.31	658.92	24.56	212632	Upward Expansion	68	59
2024-08-09	886.53	649.84	28.18	2013237	Upward Expansion	74	64
2024-08-02	856.91	640.12	23.29	120989	Upward Expansion	72	86
2024-07-26	857.36	631.42	23.81	90682	Upward Expansion	78	91
2024-07-19	834.72	623.02	22.97	175659	Upward Expansion	79	92
2024-07-12	828.39	615.71	23.07	270647	Upward Expansion	84	94
2024-07-05	836.81	608.62	26.05	385966	Upward Expansion	90	91
2024-06-28	728.46	601.95	12.02	581683	Balance	81	75
2024-06-21	678.25	597.93	7.04	633543	Balance	33	38
2024-06-14	614.17	596.56	-2.58	289303	Balance	-7	5
2024-06-07	573.43	595.83	-8.10	100532	Balance	-44	19
2024-05-31	567.65	596.16	-5.83	50169	Balance	-47	20
2024-05-24	595.72	595.80	-2.79	234878	Balance	-28	11
2024-05-17	586.95	594.56	-1.81	88970	Balance	-42	18
2024-05-10	573.28	595.35	-1.96	147979	Balance	-45	22
2024-05-03	584.70	595.62	-1.51	106421	Balance	-30	14
2024-04-26	587.79	593.29	-0.31	47724	Balance	-4	3
2024-04-19	567.25	590.51	-2.20	69418	Balance	-22	11
2024-04-12	594.97	588.35	1.37	51385	Balance	-15	9
2024-04-05	601.31	586.64	3.09	251228	Balance	-6	14
2024-03-29	578.92	585.32	0.63	63004	Balance	-11	19
2024-03-22	561.32	585.30	-0.86	227632	Balance	-16	17
2024-03-15	553.74	584.89	-1.42	294465	Balance	2	4
2024-03-08	592.68	582.02	3.73	394307	Deceleration	40	19
2024-03-01	615.97	576.89	9.11	256355	Deceleration	47	27
2024-02-23	632.77	570.99	13.48	387146	Deceleration	55	28
2024-02-16	596.17	565.26	8.64	821219	Deceleration	31	15
2024-02-09	618.76	560.97	15.05	348910	Deceleration	41	20
2024-02-02	587.44	556.35	9.90	136178	Deceleration	30	14
2024-01-26	600.81	551.88	15.96	118641	Deceleration	32	16
2024-01-19	601.95	547.23	15.75	280906	Deceleration	33	17
2024-01-12	594.97	541.99	13.93	111488	Deceleration	36	20
2024-01-05	596.02	536.13	15.99	133615	Upward Expansion	40	25
2023-12-29	605.25	530.30	18.62	352723	Upward Expansion	54	36
2023-12-22	615.47	523.82	23.79	118471	Upward Expansion	58	42
2023-12-15	615.67	516.55	24.46	172985	Upward Expansion	61	55
2023-12-08	636.76	508.86	32.83	201472	Upward Expansion	68	59
2023-12-01	607.69	500.38	32.23	124654	Upward Expansion	60	50
2023-11-24	637.26	492.20	43.07	338933	Upward Expansion	71	47
2023-11-17	592.28	483.25	34.65	170654	Upward Expansion	60	39
2023-11-10	583.31	474.76	35.88	308551	Upward Expansion	59	42
2023-11-03	556.78	466.15	32.16	245939	Upward Expansion	56	43
2023-10-27	558.42	459.02	34.80	352660	Upward Expansion	56	44
2023-10-20	610.68	451.05	44.71	849828	Deceleration	74	50
2023-10-13	581.41	441.63	37.41	347647	Deceleration	70	40

Price vs TrendAbove+3.9%

Trend directionRising+12.3%

Price vs current Fair ValuePremium+21.4%

Fair Value directionMoving away-32.1%

Relative Strength vs benchmarkLeading+24.2%

Relative strength directionWeakening-25.6%

Price momentumPositive+30.5%

Volume balanceDemand-led1.34×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

14 / ±100

-51.4 points since 2026-09-04

Energy

10 /100

-22.7 points since 2026-09-04

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

SPAL Directional State ↗ SPAL Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance53

Rotation Up27

Upward Expansion52

Deceleration77

Rotation Down28

Downward Expansion26

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-13 to 2026-10-02 · 156 classified observations out of 156 shown.

Balance 28%Rotation Up 3%Upward Expansion 28%Deceleration 21%Rotation Down 3%Downward Expansion 18%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Upward Expansion	2026-09-18	2026-10-02	New	-5.9%
Deceleration	2026-08-14	2026-09-11	Developing	+9.5%
Upward Expansion	2026-05-01	2026-08-07	Established	+27.4%
Balance	2026-02-27	2026-04-24	Developing	+10.4%
Downward Expansion	2026-01-09	2026-02-20	Developing	+7.5%
Balance	2025-11-28	2026-01-02	Developing	-9.3%
Downward Expansion	2025-10-10	2025-11-21	Developing	+11.8%
Deceleration	2025-09-26	2025-10-03	New	+2.9%
Rotation Down	2025-08-29	2025-09-19	New	+6.6%
Balance	2025-06-20	2025-08-22	Developing	-10.7%
Rotation Up	2025-05-23	2025-06-13	New	-9.8%
Downward Expansion	2025-02-14	2025-05-16	Established	+5.3%
Balance	2025-01-24	2025-02-07	New	-0.2%
Deceleration	2024-10-18	2025-01-17	Established	+4.0%

Classic Stage Analysis comparison

Stage 1 · Basing13

Stage 2 · Advancing100

Stage 3 · Distribution67

Stage 4 · Declining0

Legacy result: Stage 2 · Stage 2B · Advancing. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^NSEI

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Leading benchmark

Architecture confirmation: 18/100
Current Relative Strength: 24.19
Relative Strength direction: Weakening
Price momentum: +30.5%
Excess performance vs benchmark: +31.7%
Consumer Cyclical regime cohort: 3th percentile116 in cohort

Test SPAL trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.46×

Latest completed volume relative to typical participation.

Up/down volume1.34×

Participation balance between advancing and declining observations.

Accumulation / distribution2 / 1

Recent participation evidence classified by demand and supply.

Activity alignment+50.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+37.5%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore SPAL Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity INR 976.03falling

Slow Activity INR 959.52rising

Trend Reference INR 900.16+3.9% close margin

Current Fair Value INR 770.73+21.4% close margin

Structural low INR 704.95shock / repair context

What changes the read?

Sustained fan recompression, a fast-line rollover or repeated closes inside/below the fan move the read toward Deceleration or Rotation Down.

Range context +8.7%

Annualized volatility +51.2%

From structural high -21.3%

From structural low +55.9%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs ^NSEI	Regime survived	Read
Near term	26	+0.0%-12.2% to +48.1%	+50.0%	+50.0%	-0.1%	+76.9%	Usable descriptive sample
Intermediate	10	+6.8%-13.9% to +51.0%	+70.0%	+70.0%	+4.7%	+60.0%	Usable descriptive sample
Extended	6	+0.8%-19.3% to +100.0%	+50.0%	+50.0%	+1.1%	+33.3%	Usable descriptive sample
Full cycle	4	+49.7%-31.5% to +90.6%	+75.0%	+75.0%	+42.5%	+50.0%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

SPAL Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding upward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Leading benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding upward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Leading benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Similar Charts

RMI Reversal Map