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Informist, Thursday, Aug. 14, 2025

NEW DELHI – Oil and gas shares are expected to see some consolidation in the near term after four consecutive weeks of weakness, analysts said. "The index has successfully defended its 50-week moving average, a key technical support that often attracts fresh buying interest. This defence, coupled with the pause in selling pressure, suggests the potential for a short-term rebound," a Mumbai-based technical analyst said.

Constituents of the Nifty Oil & Gas index witnessed some profit booking Thursday, pushing the index 0.9% lower to 10,997.35 points. For the week, it closed with no change, compared to a 0.1% uptick in the frontline Nifty 50 index. Oil India was the biggest laggard this week on the sectoral index as it posted an over-7% loss. GAIL (India), Adani Total Gas and Bharat Petroleum Corp. each closed nearly 3% higher, emerging as top performers.

"If momentum picks up, the (Nifty Oil & Gas) index could rally toward the 11,500 zone, which is the next significant resistance. Sustaining above the 50-week moving average will be crucial for bulls to maintain control," the analyst quoted above said. 

Earlier this week, Oil and Natural Gas Corp. disclosed its June quarter financials. Its standalone oil production fell 3% sequentially while its gas production was flat amid sharply lower oil price realisation which dragged its revenue down. Analysts at Prabhudas Lilladher upgraded the stock to 'buy' from 'accumulate' but with a target price of INR 273, lower than INR 284 previously.

Oil India, too, reported its earnings this week. Its earnings before interest, tax, depreciation, and amortisation for the June quarter were INR 16.1 billion, down nearly 35% on year while its bottom line fell a faster 45% to INR 8.1 billion. Oil and gas production remained largely unchanged year-on-year.

Earlier on Thursday, WTI Crude oil prices slipped below $62 per barrel, the lowest level since early June, according to Kotak Securities. This was due to pressure from supply glut concerns raised by the International Energy Agency and bearish inventory report from the US' Energy Information Administration. "Oil prices attempted a modest recovery today, hovering near $63 per barrel as traders remain cautious ahead of a high-stakes meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin in Alaska tomorrow," Kotak said.

TOP HEADLINES

* Analyst Concall: BPCL sees FY29 capex INR 350 bln, up from INR 250 bln FY26
* Analyst Concall: ONGC sees KG Basin block oil production ramp-up only in Q4
* Earnings Review: BPCL Apr-Jun PAT more than doubles on year but misses view
* IEA ups global oil supply growth view for 2025, 2026; lowers demand growth
* EIA cuts Brent crude price forecast to $58/bbl in Q4 2025 on stock build-up
* Analyst Concall:Oil India plans FY6 capex at INR 70 bln on standalone basis
* Analyst Concall:Oil India plans INR 70-bln capex on standalone basis in FY26
* Earnings Review: ONGC Apr-Jun PAT, sales fall on year but beat Street's view
* Earnings Review: Oil India PAT, sales plunge YoY on drop in crude oil prices
* ONGC, Oil India ink joint operating agreement for three hydrocarbon blocks
* Gujarat Petro Apr-Jun PAT falls 32.8% YoY as sales down 20%
* OPEC retains 2025 oil demand growth view, raises 2026 growth to 1.4 mln bpd
* ONGC plans INR-46-bln invest to drill 10 wells at 2 KG Basin blocks - Source
* PRESS: August deliveries of Russian oil to India at risk due to US tariffs
* Modi, Putin reaffirm commitment to deepen Indo-Russian strategic partnership
* Cabinet OKs INR 300 bln compensation to PSU oil cos for FY25 under-recovery
* INTERVIEW: Kpler sees strategic shift, not sudden divorce from Russian oil
* Analyst Concall:HPCL to start crude residue upgrade unit at Vizag in few wks

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 87.55

Reported by Anand JC

Edited by Deepshikha Bhardwaj

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