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Informist, Friday, Jul. 18, 2025

NEW DELHI – Shares of oil and gas companies are expected to trade with a bearish sentiment in the near term, technical analysts have said. Direction of oil companies shares could also be dictated by earnings of Reliance Industries, due to be released later Friday, they said.

"The Nifty Oil and Gas index needs to hold 11700 points. A break out below 11700 points would be a problem," a Mumbai-based technical analyst said. Should the sectoral index break below this point, it is expected to find the next support at 11490 points. Resistance level for the index is expected to be between 11920 and 12100 points.

Oil-to-chemicals-to-retail major Reliance Industries is expected to report a net profit of INR 199.5 billion on revenues of INR 2.4 trillion, according to the average of 10 analysts' estimates. Among the oil and gas companies, analysts expect oil marketing companies and city gas distributors' financials to be better than those of upstream companies and gas utilities.

"Overall, the oil and gas sector's core performance in Q1FY26 is expected to be robust. OMCs (oil marketing companies) to witness significant sequential improvement in reported refining performance, and better marketing margins with minimal adventitious losses and a decline in LPG (liquefied petroleum gas) burden," according to Harshraj Aggarwal, lead analyst at Yes Securities.

Brokerage firm ICICI Securities in a note said the direction of crude prices remains uncertain for the immediate future. Over the next 18-24 months, the brokerage expects direction of oil prices to be dictated by stabilisation of tariffs imposed by the US, supply trends from the Organisation of the Petroleum Exporting Countries, demand trends in China, and the state of petrochemical market. "Volatility to remain, but on balance, prices should stay at $70-75/bbl levels," the firm said.

Friday, WTI crude oil prices traded higher, near $66.9 per barrel level, driven by robust demand for diesel which is helping offset worries about future supply surplus, Kotak Securities said in a note. "Fresh EU (European Union) sanctions on Russia, including a lower price cap on Russian crude and restrictions on fuels derived from Russian petroleum, are also providing additional support to crude prices due to concerns over European diesel supplies," Kotak said. 

According to media reports, the European Union has imposed sanctions on Rosneft's Indian refinery as a measure to discourage Russia's war against Ukraine.

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Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

US$1 = INR 86.15

Reported by Anand JC

Edited by Vandana Hingorani

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