Oil Stocks Outlook
Oil and gas shares expected to continue bullish momentum
This story was originally published at 20:37 IST on 31 October 2025
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MUMBAI – Shares of companies that are part of the Nifty Oil & Gas index are expected to continue their bullish momentum in the near term, according to analysts. The sectoral index has posted gains for five consecutive weeks and is likely to stretch this positive momentum to the coming week as well, a Mumbai-based technical analyst said.
Friday, the Nifty Oil & Gas index closed at 11990.25 points, up mildly compared to the previous close. For the week, the sectoral index recorded a gain of 3.2%, sharply outperforming the benchmark Nifty 50, which fell 0.3%. Analysts peg the resistance level for the Nifty Oil & Gas index at 12100 points. If the sectoral index breaks this level, the next resistance is pegged around 12500. It could find support at 11600 points.
Indian Oil Corp. Ltd. was the top gainer this week among the Nifty Oil & Gas index constituents, up 10.3%, closely followed by Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd., both of which gained around 8%. All three companies reported their September quarter earnings this week.
IOCL reported a net profit of INR 76.1 billion compared to a net loss of INR 9.8 billion in the year-ago quarter due to strong gross refining margins. For the September quarter, BPCL's net profit stood at INR 64.43 billion, compared to analysts' estimates of INR 44.59 billion. It reported a revenue of INR 1.22 trillion, higher than the consensus estimate of INR 1.09 trillion. HPCL reported a net profit of INR 38.30 billion, much higher than consensus estimates of INR 28.89 trillion. Its revenues grew to INR 1.10 trillion, exceeding analysts' estimates of INR 1.05 trillion.
Only one company part of the Nifty Oil & Gas, Petronet LNG Ltd., will report its September quarter financials next week. The liquefied natural gas terminal operator will disclose its financials on Nov. 7.
Oil prices traded lower on Friday amid increased supply from major producers. "NYMEX Crude Oil is expected to find support at $59.40 and rise towards $61.30 level on positive talks between U.S and China. Further, prices may rally as crude oil inventory data declined more than expected signalling demand," ICICI Direct said in a note. Any sharp upside in oil prices is expected to be capped by a strong dollar and weak economic data from China, it said.
TOP HEADLINES
* Earnings Review: GAIL Q2 PAT dn 17% on yr on muted growth but beats view
* Analyst Concall: HPCL says co's dependence on Russian crude not significant
* EIA says US natural gas stocks rise 74 bcf in week ended Oct 24
* Earnings Outlook: Petronet LNG Q2 PAT seen up on rise in tariff, margin
* Earnings Review: HPCL's Q2 PAT jumps 6 times on low expenses, crude prices
* Earnings Review: Adani Total Gas PAT falls YoY for fourth straight quarter
* Analyst Concall: IOC to continue buying Russian crude, comply with sanctions
* Oil minister says India petroleum pdt consumption to touch 6 mln bpd soon
* BPCL, Oil India sign INR 1 tln pact for greenfield refinery in Andhra
* High salt, chloride in crude oil disrupted ops at Mumbai refinery, says HPCL
* Earnings Review: IOC posts multifold YoY jump in Q2 PAT to beat Street view
* Earnings Review: Supreme Ind Q2 consol PAT down 20% YoY, misses Street view
* SPOTLIGHT: Crude prices may rise more if India halts purchase of Russian oil
* IOC gets relief of INR-11-bln disputed tax, interest from Income tax dept
* To comply with European Union curbs norms on Russian oil imports, says RIL
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 | 356.80 | 8.00 | 362.90 | 352.00 |
| Hindustan Petroleum Corp | 476.00 | 8.60 | 491.20 | 461.70 |
| Indian Oil Corp | 165.90 | 10.30 | 169.10 | 161.50 |
| Oil & Natural Gas Corp | 255.37 | 0.20 | 260.10 | 251.00 |
| Oil India | 433.35 | 3.30 | 440.40 | 427.20 |
| Reliance Industries | 1486.40 | 2.40 | 1503.90 | 1473.50 |
| NIFTY OIL & GAS | 11990.25 | 3.20 | 12111.60 | 11895.90 |
| Nifty 50 | 25722.10 | (-)0.30 | 26038.20 | 25553.10 |
| S&P BSE Sensex | 83938.71 | (-)0.30 | 84992.90 | 83378.60 |
End
US$1 = INR 88.77
Reported by Anand JC
Edited by Deepshikha Bhardwaj
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