Key Events This Week
Jan 19: Stock opens at Rs.153.20, up 0.96% vs Sensex down 0.49%
Jan 20-21: Consecutive declines with stock falling to Rs.151.75
Jan 22: Intraday high surge of 8.73% to Rs.165.00, Mojo Grade downgraded to Sell
Jan 23: Shares gain further 2.98% closing at Rs.163.90 amid mixed technical signals
Monday, 19 January 2026: Positive Start Amid Market Weakness
Gandhar Oil Refinery began the week on a positive note, closing at Rs.153.20, up 0.96% from the previous Friday’s close of Rs.151.75. This gain contrasted with the Sensex’s decline of 0.49% to 36,650.97 points, signalling early relative strength. The stock traded on volume of 62,370 shares, reflecting moderate investor interest despite broader market weakness.
Tuesday and Wednesday, 20-21 January 2026: Consolidation and Mild Declines
The stock experienced a mild pullback over the next two sessions, falling to Rs.152.65 (-0.36%) on 20 January and further to Rs.151.75 (-0.59%) on 21 January. These declines occurred alongside sharper Sensex drops of 1.82% and 0.47% respectively, with the index closing at 35,984.65 and 35,815.26 points. The stock’s relative outperformance during this period was limited, but it maintained a price near the week’s opening level amid subdued volumes of 48,773 and 33,805 shares.
Thursday, 22 January 2026: Intraday Surge and Downgrade to Sell
Thursday marked a pivotal day for Gandhar Oil Refinery as the stock surged intraday by 8.73% to a high of Rs.165.00, closing at Rs.159.15 (+4.88%). This rally significantly outpaced the Sensex’s modest 0.76% gain to 36,088.66 points. The surge followed two days of decline and was accompanied by elevated volatility, with intraday price fluctuations reflecting active trading interest.
However, this strong price action coincided with a downgrade by MarketsMOJO from a Hold to a Sell rating, citing deteriorating technical indicators and long-term underperformance despite some positive quarterly financial results. The downgrade highlighted concerns over weakening momentum, mixed technical signals, and subdued growth trends, signalling caution despite the intraday strength.
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Friday, 23 January 2026: Continued Momentum Amid Mixed Technical Signals
The stock extended its gains on Friday, closing at Rs.163.90, up 2.98% on the day and marking a weekly high close. This advance occurred despite the Sensex retreating 1.33% to 35,609.90 points, underscoring Gandhar Oil’s strong relative performance. Volume increased to 61,352 shares, indicating renewed investor interest.
Technical analysis revealed a shift from a mildly bearish to a sideways trend, reflecting a complex interplay of bullish and bearish indicators. Weekly MACD and KST oscillators turned mildly bullish, while daily moving averages remained mildly bearish. Bollinger Bands showed a bullish bias on the weekly chart but a mildly bearish outlook monthly, highlighting mixed momentum across timeframes.
The stock’s Mojo Score remained at 48.0 with a Sell grade, reflecting caution amid the technical complexity. Despite this, the recent price rally suggests a potential consolidation phase, with investors closely watching resistance near Rs.165 and support levels around Rs.150.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.153.20 | +0.96% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.152.65 | -0.36% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.151.75 | -0.59% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.159.15 | +4.88% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.163.90 | +2.98% | 35,609.90 | -1.33% |
Key Takeaways
Positive Signals: Gandhar Oil Refinery outperformed the Sensex by a wide margin, gaining 8.01% versus the index’s 3.31% decline. The intraday surge on 22 January to Rs.165.00 demonstrated strong buying interest and technical resilience above key moving averages. The weekly MACD and KST indicators turned mildly bullish, suggesting potential for consolidation or recovery in the near term. The company’s low debt-to-equity ratio of 0.10 and moderate ROCE of 10.6% provide financial stability amid sector volatility.
Cautionary Signals: Despite the price rally, MarketsMOJO downgraded the stock to a Sell rating due to deteriorating technical momentum and long-term underperformance. The stock’s one-year return remains negative at -14.29%, lagging the Sensex’s 7.73% gain. Mixed technical signals, including mildly bearish daily moving averages and bearish monthly Bollinger Bands, indicate uncertainty and potential downside risk. The company’s declining net sales and operating profit trends over five years raise concerns about sustained growth prospects.
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Conclusion
Gandhar Oil Refinery (India) Ltd’s week was characterised by a strong price rebound and notable outperformance against the Sensex, driven by an intraday surge and sustained momentum into the week’s close. However, the stock’s technical landscape remains mixed, with a recent downgrade to Sell reflecting caution amid long-term underperformance and weakening financial trends. Investors should weigh the recent price strength against the underlying technical and fundamental challenges, monitoring key resistance levels near Rs.165 and support around Rs.150 for indications of sustained trend direction. The stock’s low leverage and moderate profitability offer some stability, but the absence of clear bullish confirmation advises prudence in the near term.
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