Oil Stocks Outlook
Oil, gas shares seen retaining bullish trend in near term
This story was originally published at 21:04 IST on 3 October 2025
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MUMBAI – Oil and gas stocks are expected to trade higher in the near term, continuing their good performance seen this week, analysts said. "The Nifty Oil & Gas index seems to be on the verge of a breakout," Vatsal Bhuva, technical analayst at LKP Securities, said. He expects the sectoral index to show bullish momentum in the near term.
On Friday, the Nifty Oil & Gas closed 0.6% higher at 11,374 points. This week, the index gained 2.2%, sharply outperforming the frontline index which gained just about a percent. The Nifty Oil & Gas index has closed higher in eight of the last 10 weeks.
"Nifty Oil & Gas index is on the verge of a breakout, if it crosses 11,400 it can cross 11,600 levels," Bhuva said. A Mumbai-based technical analyst expects the sectoral index to face resistance at 11,450-11,530 points and find support at 11,150-11,000 points.
Oil marketing companies Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. were the top performers on the index this week, both rising over 5%. "OMCs are expected to be the major contributors to Nifty Oil & Gas' performance, we see good buying in these stocks due to a movement in crude oil prices," Bhuva said.
Share prices could also react in anticipation of earnings for the September quarter. Oil marketing companies' earnings could be impacted by a rise in Brent crude oil prices along with a weaker rupee.
"Oil India has recently discovered gas in the Andaman Sea and once clarity emerges on its reserves, it could further boost prospects. Similarly, ONGC is expected to commence production of 5 mmscmd from Daman upside in few months," Prabhudas Lilladher said in a report Friday.
Oil prices edged lower on Friday after a fire broke out at Chevron's refinery in the US. "Further upside will be restricted on expectations of OPEC+ to hike the oil production up to 5 lakh barrels per day and supply surplus concerns," ICICI Direct said in a note late Friday.
TOP HEADLINES
* EIA says US natural gas stocks rise 53 bcf in week ended Sept 26
* IOC raises 19 kg LPG cylinder price by INR 15.50 in Delhi to INR 1,595.50
* IOC raises ATF price by INR 3,052.5/kl to INR 93,766.02/kl in Delhi
* Oil India signs MoU with GAIL to improve access to domestic gas
* Adani Total Gas CFO resigns, company to name new CFO in few days
* Kpler says India's oil imports from Russia fell Sept as refiners diversified
* Reliance Power to sell Indonesian step-down subsidiaries for $12 million
* Oil India discovers natural gas in Andaman shallow offshore block
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:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharat Petroleum Corp | 341.55 | 5.30 | 348.70 | 334.10 |
| Hindustan Petroleum Corp | 446.30 | 5.70 | 456.90 | 426.50 |
| Indian Oil Corp | 150.39 | 3.70 | 152.20 | 147.80 |
| Oil & Natural Gas Corp | 243.66 | 2.40 | 247.00 | 238.00 |
| Oil India | 414.70 | 1.10 | 423.20 | 402.30 |
| Reliance Industries | 1363.40 | (-)1.00 | 1378.70 | 1349.30 |
| NIFTY OIL & GAS | 11374.00 | 2.20 | 11475.10 | 11193.00 |
| Nifty 50 | 24894.25 | 1.00 | 25006.10 | 24691.60 |
| S&P BSE Sensex | 81207.17 | 1.00 | 81638.70 | 80433.80 |
End
US$1 = INR 88.77
Reported by Anand JC
Edited by Avishek Dutta
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