The Indus Dictionary Project
This is a pictograph of a weaving shuttle. Hence, it is the noun shuttle.
Lothal: Seal: L-51 a: Jagat Pati Joshi and Asko Parpola, 1987: Corpus of Indus Seals and Inscriptions: Volume 1: Page 249: Collections in India: Suomalainen Tiedeakatemia.
This interpretation of Mahadevan's sign number 1244 is supported by the motif on Seal L-51, which depicts a loom.
Indus Script Sign Number 1244: List of Sign Variants: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.