Oil Stocks Outlook
Bullish momentum to continue next wk; earnings in focus
This story was originally published at 17:55 IST on 7 November 2025
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MUMBAI – Shares part of Nifty Oil & Gas index are expected to exhibit a bullish momentum in the near term after closing higher for six straight weeks. "However, the index is trading near a crucial supply zone, so caution is advised," Vatsal Bhuva, technical analyst at LKP Securities, said.
On Friday, Nifty Oil & Gas index closed flat compared to Thursday's close at 11996.15 points. For the week, the sectoral index gained marginally while the benchmark Nifty 50 closed nearly a percent lower.
Mahanagar Gas Ltd. was the worst performer in the 15-stock Nifty Oil & Gas index this week, down 4.8%. Gujarat State Petronet Ltd. and Adani Total Gas Ltd. both lost 3% each. Bharat Petroleum Corp. Ltd. gained nearly 3% and was the best performer. "IOC, HPCL, BPCL, MRPL, and Chennai Petro continue to show positive chart setups," Bhuva said.
"A rounding base pattern is visible on the daily chart, with the index sustaining above its ascending 20-day EMA (exponential moving average), indicating firm bullish control," Bhuva said. "The momentum indicator at 68 supports strong sentiment, and a breakout above 12,200 could be a trend-setting move, potentially opening the doors for 13,200 levels in the Nifty Oil & Gas index," he added.
A Mumbai-based technical analyst said the sectoral index has a breakout point of 12099.55. If the Nifty Oil & Gas index breaches this level, it could rally towards 12501.35 points, the analyst said.
Of the 15 companies part of Nifty Oil & Gas, Oil and Natural Gas Corp., Indraprastha Gas, and Oil India will report their September quarter earnings next week. NYMEX crude oil is expected face a hurdle near $61.6 per barrel and move lower towards $59 amid weaker demand for oil and growing bets of higher supplies from the Organization of the Petroleum Exporting Countries, ICICI Securities said in a note Friday.
Oil prices declined 3% last month despite geopolitical skirmishes and a drawdown in inventories amid concern of demand weakness, Motilal Oswal Wealth Management said in a note Friday. "OPEC+'s limited December output hike and pause in Q1 2026 signal caution, providing a floor to prices amid demand uncertainty. Prices are expected to stay positive, as OPEC decision is bit of insurance against current market uncertainties on both the supply and demand fronts," the company said.
TOP HEADLINES
* EIA says US natural gas stocks rise 33 bcf in week ended Oct 31
* PRESS: Indian refiners to benefit as Saudi Aramco cuts Asian crude prices
* Earnings Outlook: Gujarat Gas Q2 PAT seen down on weak demand, lower EBITDA
* HPCL will not purchase any sanctioned crude oil cargoes, says CMD Kaushal
* Earnings Outlook: ONGC Q2 net profit to fall YoY on decline in crude prices
* Gujarat State Petronet appoints Manoj Kumar Das as chairman, MD
* India's crude oil imports from US jump to over 4-year high in Oct: Kpler
* Pankaj Joshi resigns as Gujarat Gas chairman, effective Saturday
* Moody's affirms RIL's 'Baa2' rating; outlook stable on core credit strength
* Govt cuts domestic natural gas price for Nov by 6% to $6.55/mBtu
* IOC cuts 19-kg LPG cylinder price by INR 5 in Delhi to INR 1,590.50
* IOC raises ATF price by INR 777/kl to INR 94,543.02/kl in Delhi
* BPCL GRM in Jul-Sept recovers to $10.78/bbl; PAT rises YoY on inventory gain
* Analyst Concall: GAIL expects regulator to approve revised tariff by Nov
* Analyst Concall: GAIL expects regulator to approve tariff by Nov
* Earnings Review: BPCL Q2 PAT jumps about 3 times YoY; surpasses Street view
* 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
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 | 367.15 | 2.90 | 373.00 | 356.80 |
Hindustan Petroleum Corp | 479.55 | 0.80 | 488.80 | 463.70 |
Indian Oil Corp | 169.16 | 2.00 | 171.70 | 164.80 |
Oil & Natural Gas Corp | 252.20 | (-)1.20 | 255.50 | 248.30 |
Oil India | 433.70 | 0.10 | 443.60 | 423.20 |
Reliance Industries | 1478.00 | (-)0.60 | 1506.60 | 1461.60 |
NIFTY OIL & GAS | 11996.15 | 0.10 | 12096.80 | 11867.30 |
Nifty 50 | 25492.30 | (-)0.90 | 25686.80 | 25221.20 |
S&P BSE Sensex | 83216.28 | (-)0.90 | 83811.60 | 82373.30 |
End
US$1 = INR 88.66
Reported by Anand JC
Edited by Subhojit Sarkar
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