Oil Stocks Outlook
Shares seen rising in near term; earnings in focus
This story was originally published at 17:40 IST on 17 October 2025
Register to read our real-time news.Informist, Friday, Oct. 17, 2025
NEW DELHI – Shares part of the Nifty Oil & Gas index could sustain the bullish momentum showcased in the past three weeks, analysts said. "On the daily chart, the Nifty Oil & Gas Index is showing a rounding pattern progression, indicating a gradual build-up in momentum," said Vatsal Bhuva, a technical analyst at LKP Securities.
The Nifty Oil & Gas closed at 11498.10 Friday, largely flat from the previous close. The index has closed higher in each of the past three weeks, gaining about 0.3% in the past five trading sessions. However, it underperformed the benchmark Nifty 50, which ended 1.7% higher. "Currently, the index is consolidating in a narrow range between 11300 and 11550 levels, sustaining above its 20-day EMA (exponential moving average), suggesting strength," Bhuva said. "A breakout above 11550 could open the path toward 12000 levels while a breakdown below 11300 may disrupt the ongoing pattern," he added.
Among Nifty Oil & Gas index companies, only Oil & Natural Gas Corp. Ltd. and Reliance Industries Ltd. reported a week-on-week growth while the shares of the other 13 companies contracted. Indraprastha Gas Ltd., down nearly 4%, and Oil India Ltd., down just over 2%, were the laggards.
All eyes will now be focused on earnings as companies will disclose their financials for the September quarter. Motilal Oswal Financial Services expects the oil and gas sector to report a flat growth in their top line. However, this improves to a 4% on-year growth on exclusion of oil marketing companies. The sector's earnings before interest, tax, depreciation, and amortisation growth for the quarter could grow 23% on year, which could moderate to 9% on the exclusion of oil marketing companies.
"In 2QFY26, crude oil prices remained steady as oversupply and weak demand were balanced by geopolitical risk and an aggressive increase in China's crude imports and stockpiling," Motilal Oswal said. Upstream companies such as ONGC and Oil India could report subdued sales volume on year and on quarter while oil realisations could see a sharp decline on year due to lower oil prices.
Analysts at ICICI Securities expect NYMEX crude oil prices to slip to around $55.50 a barrel on the forecast of a supply surplus. Investors will track the outcome of a potential meeting between US President Trump and Russian President Vladimir Putin to discuss the war in Ukraine.
TOP HEADLINES
* GAIL India signs tripartite agreement to set up biogas plant in Bengaluru
* India rejects Trump's claim, says not aware of phone call with PM Modi
* MRPL posts net profit of INR 6.39 bln for Jul-Sept against loss year ago
* Trump says PM Modi has assured him India will stop Russian oil purchases
* Earnings Outlook: Oil-to-chemicals, retail, telecom to boost Reliance Q2 PAT
* Trade secretary says India happy to buy more energy from US if price right
* S&P assigns 'BBB' long-term foreign, local currency rating to Indian Oil
* GAIL proposal for pipeline tariff hike runs into PNGRB wall, sources say
* IEA ups 2025, 2026 global oil supply growth view; cuts 2025 demand rise view
* ONGC draws up INR-93-bln cost reduction plan for a $60-per-barrel of oil mkt
* Oil India achieves mechanical completion of Numaligarh Siliguri product pipe
* Oil India to supply gas to North Eastern Electric Power for another 15 years
* OPEC retains 2026 demand growth view of 1.4 mln bpd; 2025 growth view unch
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 | Resistance | Support |
Bharat Petroleum Corp | 335.85 | (-)0.80 | 341.20 | 330.00 |
Hindustan Petroleum Corp | 448.60 | (-)0.90 | 464.20 | 438.20 |
Indian Oil Corp | 152.91 | (-)0.80 | 155.80 | 150.60 |
Oil & Natural Gas Corp | 247.69 | 0.60 | 250.80 | 243.20 |
Oil India | 408.90 | (-)2.20 | 420.70 | 400.10 |
Reliance Industries | 1416.80 | 2.50 | 1437.30 | 1388.90 |
NIFTY OIL & GAS | 11498.10 | 0.30 | 11584.60 | 11390.10 |
Nifty 50 | 25709.85 | 1.70 | 25939.60 | 25393.80 |
S&P BSE Sensex | 83952.19 | 1.80 | 84743.00 | 82810.70 |
End
US$1 = INR 87.97
Reported by Anand JC
Edited by Subhojit Sarkar
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