Key Events This Week
27 Jan: Stock opens strong at Rs.448.60 (+2.83%)
28 Jan: New 52-week high reached near Rs.491.65 with sharp open interest surge
29 Jan: Multiple 52-week highs and golden cross formation; Mojo rating upgraded to Hold
30 Jan: Technical momentum shifts to bullish; stock closes at Rs.514.70 (+4.93%)
27 January 2026: Strong Start to the Week
Oil India Ltd began the week on a positive note, closing at Rs.448.60, up 2.83% from the previous close. This gain outpaced the Sensex’s 0.50% rise to 35,786.84, signalling early bullish momentum. Trading volume was moderate at 158,883 shares, reflecting steady investor interest. The stock’s relative strength set the tone for the week’s subsequent rallies.
28 January 2026: New 52-Week High and Surge in Derivatives Activity
On 28 January, Oil India Ltd surged 9.34% to close at Rs.490.50, just shy of its 52-week high of Rs.491.65. The stock outperformed the Sensex’s 1.12% gain and the Oil Exploration and Refineries sector’s 2.26% rise by a wide margin. Intraday, the stock touched Rs.489.90, marking an 8.52% surge from the prior close.
Notably, the derivatives market saw a sharp open interest increase of 55.91%, with 6,801 additional contracts added, signalling fresh long positions. The total derivatives value reached ₹88,382 lakhs, underscoring heightened market participation. Delivery volumes rose 43.75% to 12.31 lakh shares, indicating strong investor conviction.
Technically, the stock traded above all key moving averages (5, 20, 50, 100, 200 days), reinforcing the bullish trend. Despite a cautious Mojo Score of 41.0 and a Sell rating downgraded earlier in the month, the price action reflected robust buying interest and momentum.
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29 January 2026: Multiple 52-Week Highs, Golden Cross, and Rating Upgrade
Continuing its strong run, Oil India Ltd hit new 52-week highs intraday at Rs.517.6 and Rs.519.8, closing at Rs.514.70, a 4.93% gain. This marked the third consecutive day of gains, accumulating an 18.41% return over this period, vastly outperforming the Sensex’s 0.22% rise on the day and its 1.62% weekly gain.
The stock outperformed the oil sector by over 5% and demonstrated technical strength with a golden cross formation, where the 50-day moving average crossed above the 200-day average, signalling a potential bullish breakout. This technical milestone often attracts momentum traders and institutional investors.
MarketsMOJO upgraded Oil India’s rating from Sell to Hold on 28 January, reflecting improved technicals and valuation metrics. The Mojo Score rose to 54.0, indicating a more balanced outlook. Despite recent profit declines and rising interest expenses, the company’s management efficiency and long-term growth remain solid.
Open interest in derivatives increased by 16.8% to 19,409 contracts, with delivery volumes surging over 1167% compared to the five-day average, highlighting strong investor participation and confidence in the stock’s near-term prospects.
30 January 2026: Technical Momentum Shifts to Bullish Amid Continued Gains
On the final trading day of the week, Oil India Ltd closed at Rs.514.70, up 4.93%, touching an intraday high of Rs.519.80. This strong finish reinforced the stock’s bullish momentum, with technical indicators upgrading from mildly bullish to bullish. Daily moving averages turned decisively positive, and the stock traded comfortably above all key averages.
While weekly MACD and Bollinger Bands signalled strong upward momentum, monthly MACD remained mildly bearish, suggesting some caution for longer-term investors. The weekly RSI showed bearishness, indicating potential short-term overbought conditions. Nonetheless, the overall technical framework supports further gains in the near term.
Oil India’s MarketsMOJO score improved to 61.0, maintaining a Hold rating. The stock’s five-year return of 600.36% dwarfs the Sensex’s 78.38%, underscoring its long-term outperformance within the oil sector.
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Weekly Price Performance: Oil India Ltd vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-27 | Rs.448.60 | +2.83% | 35,786.84 | +0.50% |
| 2026-01-28 | Rs.490.50 | +9.34% | 36,188.16 | +1.12% |
| 2026-01-29 | Rs.514.70 | +4.93% | 36,266.59 | +0.22% |
| 2026-01-30 | Rs.509.75 | -0.96% | 36,185.03 | -0.22% |
Key Takeaways
Strong Price Momentum: Oil India Ltd’s 16.85% weekly gain far outpaced the Sensex’s 1.62%, driven by multiple new 52-week highs and sustained buying interest.
Technical Breakouts: The golden cross formation and shift from mildly bullish to bullish momentum signal a positive technical outlook, supported by moving averages and volume indicators.
Derivatives Market Activity: Sharp surges in open interest and delivery volumes indicate fresh long positions and strong investor conviction, adding depth to the rally.
Rating Upgrade: MarketsMOJO’s upgrade from Sell to Hold with an improved Mojo Score reflects balanced optimism amid recent profit declines and valuation shifts.
Valuation and Risks: The stock’s valuation has shifted from attractive to fair, suggesting limited upside from a price perspective. Mixed monthly technical signals and short-term RSI caution advise prudent risk management.
Overall, Oil India Ltd’s week was characterised by robust gains, technical strength, and increased market participation, positioning it as a notable outperformer in the oil sector despite broader market volatility.
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