Gandhar Oil Refinery Gains 0.53%: 3 Key Technical Shifts Shape Weekly Performance

Monday, 2 February 2026: Downgrade and Bearish Momentum Take Hold

Gandhar Oil Refinery began the week under pressure, closing at Rs.140.65, down 6.11% from the previous Friday’s close of Rs.149.80. This sharp decline coincided with MarketsMOJO’s downgrade of the stock from Hold to Sell, citing mixed financial results and a shift in technical indicators towards a bearish stance. The company’s quarterly results showed a 44.2% increase in Profit Before Tax excluding other income to ₹41.56 crores and a 38.9% rise in PAT to ₹32.39 crores, but these gains contrasted with a longer-term decline in sales and operating profit.

Technical analysis revealed a transition from sideways to mildly bearish momentum, with daily moving averages turning negative and mixed signals from MACD, RSI, and Bollinger Bands. The stock’s price volatility increased, trading between Rs.142.00 and Rs.151.00, while the Sensex fell 1.03% to 35,814.09, indicating broader market weakness but a more pronounced sell-off in Gandhar Oil shares.

Tuesday, 3 February 2026: Partial Recovery Amid Market Rally

On 3 February, Gandhar Oil rebounded to Rs.145.50, gaining 3.45% as the Sensex surged 2.63% to 36,755.96. The recovery reflected a short-term bounce following the prior day’s sell-off, supported by mildly bullish weekly MACD and Know Sure Thing (KST) indicators. However, the stock remained below key resistance levels and continued to face bearish daily moving averages, signalling that the recovery was tentative and lacked strong conviction.

Volume increased to 44,332 shares, suggesting some renewed investor interest, but the stock’s longer-term underperformance relative to the Sensex remained a concern. The technical momentum was still classified as mildly bearish, with mixed signals from Bollinger Bands and RSI indicating uncertainty.

Wednesday, 4 February 2026: Continued Gains Amid Mixed Technical Signals

The stock extended its gains on 4 February, closing at Rs.151.15, up 3.88%. This advance outpaced the Sensex’s modest 0.37% rise to 36,890.21, signalling a brief period of outperformance. The weekly MACD and KST indicators remained mildly bullish, supporting the short-term momentum. However, the monthly Bollinger Bands continued to signal caution, reflecting potential downside risk over the longer term.

Volume moderated to 33,454 shares, and the stock traded within a range of Rs.146.00 to Rs.152.00, indicating some consolidation near resistance levels. Despite the gains, daily moving averages remained bearish, suggesting that the rally might be limited without a sustained shift in technical trends.

Thursday, 5 February 2026: Shift to Sideways Momentum

On 5 February, Gandhar Oil shares closed at Rs.152.50, a 0.89% increase, marking a shift from the prior mildly bearish trend to sideways momentum. This transition was supported by mixed technical signals: weekly MACD and KST indicators showed mild bullishness, while daily moving averages remained bearish and monthly Bollinger Bands stayed cautious. The stock’s intraday range of Rs.144.60 to Rs.153.10 reflected ongoing volatility.

Despite the positive price action, Gandhar Oil continued to underperform the Sensex, which declined 0.53% that day. The sideways momentum suggests a consolidation phase, with investors awaiting clearer directional cues amid mixed technical and fundamental signals.

Friday, 6 February 2026: Week Closes with Slight Decline

The week concluded with Gandhar Oil closing at Rs.150.60, down 1.25% from the previous day’s close but still registering a weekly gain of 0.53%. The Sensex rose 0.10% to 36,730.20, outperforming the stock over the week. The stock’s volume declined to 20,260 shares, reflecting reduced trading activity as the week ended.

The technical landscape remained mixed, with daily moving averages bearish, weekly indicators mildly bullish, and monthly signals cautious. This combination underscores the ongoing uncertainty surrounding the stock’s near-term direction amid broader market resilience.

Key Takeaways

Gandhar Oil Refinery’s week was characterised by significant technical shifts, beginning with a downgrade to a Sell rating and a sharp price decline on 2 February. Despite strong quarterly financial results, the stock’s longer-term sales and operating profit trends remain negative, contributing to cautious investor sentiment.

The technical momentum transitioned from sideways to mildly bearish early in the week, with daily moving averages signalling downward pressure. Midweek gains were supported by mildly bullish weekly MACD and KST indicators, but monthly technical signals remained cautious, reflecting uncertainty over the stock’s longer-term trajectory.

Volume patterns showed intermittent spikes but lacked consistent confirmation of a sustained trend reversal. The sideways momentum observed on 5 February suggests a consolidation phase, with investors awaiting clearer directional cues amid mixed signals.

Relative to the Sensex, Gandhar Oil underperformed for most of the week, highlighting company-specific challenges amid a resilient broader market. The stock’s low leverage and attractive valuation metrics contrast with its technical weakness and underperformance, presenting a complex risk-reward profile.

Conclusion

Gandhar Oil Refinery’s performance during the week ending 6 February 2026 reflects a stock navigating a challenging technical and fundamental environment. The downgrade to a Sell rating and bearish daily momentum underscore near-term risks, while mildly bullish weekly indicators and valuation appeal suggest potential for stabilisation.

Investors should monitor the evolving technical landscape closely, particularly volume trends and moving average crossovers, to identify any sustained shifts in momentum. The stock’s underperformance relative to the Sensex and mixed signals across multiple timeframes warrant a cautious approach amid ongoing market uncertainties.

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