Gandhar Oil Refinery Shares Gain Momentum Amid Mixed Technical Signals

Price Momentum and Recent Performance

The stock closed at ₹165.00 on 23 Jan 2026, up from the previous close of ₹151.75, marking a significant intraday rise. This surge brought the price closer to its 52-week high of ₹200.90, while the 52-week low stands at ₹120.60. The day’s trading range was ₹151.00 to ₹165.00, indicating strong buying interest.

Over the short term, Gandhar Oil Refinery has outperformed the broader market benchmark, the Sensex. The stock’s one-week return was 6.93%, compared to the Sensex’s decline of 1.29%. Similarly, the one-month return was a robust 13.09%, while the Sensex fell by 3.81%. Year-to-date, the stock gained 6.9%, contrasting with the Sensex’s 3.42% loss. However, over the one-year horizon, the stock underperformed with a negative return of 14.29%, while the Sensex appreciated by 7.73%.

Technical Trend Shift: From Mildly Bearish to Sideways

Technical analysis reveals a subtle but important shift in Gandhar Oil Refinery’s trend. The overall technical trend has moved from mildly bearish to sideways, signalling a potential consolidation phase after recent volatility. This transition is critical for traders and investors seeking to understand the stock’s near-term trajectory.

The daily moving averages remain mildly bearish, suggesting that despite recent gains, the stock has yet to establish a definitive upward momentum on a short-term basis. This is consistent with the stock’s position below some key moving averages, which often act as resistance levels.

MACD and Momentum Indicators

The Moving Average Convergence Divergence (MACD) indicator presents a mixed picture. On the weekly chart, the MACD is mildly bullish, indicating some upward momentum building over the medium term. This suggests that the stock could be gaining strength as buyers step in. However, the monthly MACD does not provide a clear signal, reflecting uncertainty in the longer-term trend.

The KST (Know Sure Thing) indicator also aligns with this view, showing mild bullishness on the weekly timeframe but lacking a definitive monthly signal. This divergence between weekly and monthly momentum indicators highlights the stock’s current phase of indecision, where short-term optimism is tempered by longer-term caution.

RSI and Bollinger Bands Analysis

The Relative Strength Index (RSI) on both weekly and monthly charts currently shows no clear signal, hovering in neutral territory. This suggests that the stock is neither overbought nor oversold, reinforcing the sideways trend interpretation.

Bollinger Bands provide further insight. On the weekly chart, the bands are bullish, indicating price strength and potential for continued upward movement. Conversely, the monthly Bollinger Bands are mildly bearish, signalling that over a longer horizon, the stock may face resistance or consolidation pressures.

Volume and On-Balance Volume (OBV)

Volume analysis is crucial in confirming price moves. The On-Balance Volume (OBV) indicator shows no clear trend on the weekly chart, suggesting that volume is not decisively supporting the recent price rise. However, the monthly OBV is bullish, implying accumulation over the longer term and potential institutional interest.

Dow Theory and Moving Averages

According to Dow Theory, the weekly trend remains mildly bearish, while the monthly trend has turned mildly bullish. This divergence underscores the stock’s current technical complexity, with short-term caution balanced by longer-term optimism.

Daily moving averages remain mildly bearish, indicating that the stock has yet to break decisively above key resistance levels. Investors should watch for a sustained move above these averages to confirm a bullish reversal.

Valuation and Market Capitalisation Context

Gandhar Oil Refinery holds a Market Cap Grade of 3, reflecting its mid-tier market capitalisation within the oil sector. The company’s Mojo Score currently stands at 48.0, with a Mojo Grade downgraded from Hold to Sell as of 21 Jan 2026. This downgrade reflects the mixed technical signals and the cautious outlook from a momentum perspective.

Despite the recent price rally, the downgrade suggests that investors should exercise prudence, as the stock’s technical indicators do not yet confirm a sustained uptrend.

Comparative Performance and Sector Outlook

When compared to the Sensex, Gandhar Oil Refinery’s recent outperformance is notable, especially over the one-week and one-month periods. However, the stock’s one-year return of -14.29% contrasts sharply with the Sensex’s 7.73% gain, highlighting the stock’s volatility and sector-specific challenges.

The oil sector continues to face headwinds from fluctuating crude prices, regulatory changes, and global economic uncertainties. These factors contribute to the stock’s mixed technical signals and cautious market sentiment.

Investor Takeaway

For investors, the current technical landscape of Gandhar Oil Refinery suggests a wait-and-watch approach. The mildly bullish weekly MACD and Bollinger Bands indicate potential for upward momentum, but the bearish daily moving averages and neutral RSI temper enthusiasm.

Investors should monitor key technical levels, particularly the stock’s ability to sustain above ₹165 and break through moving average resistance. Confirmation of a bullish trend would require improved volume support and positive monthly momentum signals.

Given the recent downgrade to a Sell grade and the mixed technical indicators, a cautious stance is advisable until clearer trend confirmation emerges.

Summary of Technical Indicators

• Technical Trend: Shifted from mildly bearish to sideways


• MACD: Weekly mildly bullish; monthly neutral


• RSI: Neutral on weekly and monthly charts


• Bollinger Bands: Weekly bullish; monthly mildly bearish


• Moving Averages: Daily mildly bearish


• KST: Weekly mildly bullish; monthly neutral


• Dow Theory: Weekly mildly bearish; monthly mildly bullish


• OBV: Weekly no trend; monthly bullish

Overall, Gandhar Oil Refinery (India) Ltd is navigating a complex technical environment with short-term optimism balanced by longer-term caution. Investors should weigh these factors carefully in the context of broader market and sector dynamics.

Unlock special upgrade rates for a limited period. Start Saving Now →