Oil Stocks Outlook
Shares likely to move sideways amid increased volatility
This story was originally published at 22:26 IST on 24 October 2025
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MUMBAI – Shares of the Nifty Oil & Gas index are expected to trade sideways in the near term amid increased volatility in oil prices caused by geopolitical developments, analysts said. "While the positional view is positive, it is likely to move sideways as we see no clear trend in this index," said Nandish Shah, senior derivative and technical analyst at HDFC Securities.
On Friday, the Nifty Oil & Gas index closed 0.2% higher at 11624.05 points. For the week, the sectoral index gained 1.1%, outperforming the benchmark Nifty 50 which fell 0.3%. "The (sectoral) index is expected to trade between 11550 and 11750. If it breaks the upper end, there could be a major uptick," Shah said.
Another Mumbai-based technical analyst said that the fresh round of US sanctions on Russian oil firms could increase the volatility in the space. "Oil and Gas index is trading in an upward sloping channel for more than a month," said Vipin Kumar, assistant vice-president of derivatives and technical at Globe Capital Market.
Kumar suggested traders to adopt a bullish stance on the index but with some caution. "Immediate support is placed around 11350 and resistance at 11800 levels," Kumar said.
Despite the ongoing turmoil caused by the Russia-Ukraine war, there is some optimism about a deal between the US and China, which could help NYMEX crude oil move towards the $62.50 level, according to ICICI Securities. "Further, prices may rally on concerns over supply disruption after US slapped Russia's 2-biggest oil companies with sanctions," the firm said.
"Crude also drew support from plans to refill the US Strategic Petroleum Reserve and ongoing attacks on Russian energy infrastructure by Ukraine," Kotak Securities had said earlier in the day.
Bharat Petroleum Corp. Ltd., Hindustan Petroleum Corp. Ltd., Indian Oil Corp. Ltd., Adani Energy Solutions Ltd., Adani Total Gas Ltd., and Adani Green Energy Ltd. will announce their September quarter results next week.
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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:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharat Petroleum Corp | 330.45 | (-)1.60 | 337.90 | 323.50 |
| Hindustan Petroleum Corp | 438.45 | (-)2.30 | 450.10 | 426.30 |
| Indian Oil Corp | 150.37 | (-)1.70 | 152.40 | 148.10 |
| Oil & Natural Gas Corp | 254.96 | 2.90 | 259.60 | 250.50 |
| Oil India | 419.50 | 2.60 | 424.80 | 414.50 |
| Reliance Industries | 1451.60 | 2.50 | 1469.60 | 1432.00 |
| NIFTY OIL & GAS | 11624.05 | 1.10 | 11756.40 | 11490.30 |
| Nifty 50 | 25795.15 | 0.30 | 26045.10 | 25593.20 |
| S&P BSE Sensex | 84211.88 | 0.30 | 85042.40 | 83541.90 |
End
US$1 = INR 87.85
Reported by Anand JC
Edited by Akul Nishant Akhoury
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