Oil Stocks Outlook
Seen positive in near-term, traders await breakout
This story was originally published at 18:46 IST on 14 November 2025
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MUMBAI – Shares of oil and gas companies are expected to show bullish momentum in the near-term, even as traders await the Nifty Oil & Gas Index to exhibit a decisive breakout, analysts said. "On the daily chart, RSI (Relative Strength Index) above 70 with slight negative divergence indicates a mildly overbought zone, yet sustained trading above the 20-day EMA (exponential moving average) reflects short-term strength," Vatsal Bhuva, technical analyst at LKP Securities, said.
On Friday, the Nifty Oil & Gas index closed 0.1% higher at 12190.10 points. For the week, the sectoral index and the benchmark Nifty 50 both closed 1.6% higher each. However, the Nifty Oil & Gas index closed in the green for the seventh consecutive week, unlike the Nifty 50, which closed the week in the green after two consecutive quarters of decline.
This week, gains in the sectoral index were supported by strength in Aegis Logistics, Mahanagar Gas, Reliance Industries, and Adani Total Gas, while weakness in Oil & Natural Gas Corp. and Petronet LNG partly offset gains.
"On the weekly chart, the index is forming a cup and handle pattern, though a decisive breakout is still awaited," Bhuva said. Hindustan Petroleum Corp., Bharat Petroleum Corp., Indian Oil Corp., and Reliance Industries are showing positive set-ups, he added.
Bhuva sees immediate resistance for the index at 12300 points and said a breakout above 12450 points could trigger a fresh momentum. According to another technical analyst, the sectoral index could see support at 12000 points and face resistance at 12400 points.
Crude oil prices firmed on Friday as traders weighed Russian disruptions against rising oil inventories. "WTI Crude Oil rose about 1% to trade above $59.30 per barrel, supported by supply concerns after a Ukrainian drone strike hit an oil depot at Novorossiysk, Russia's second largest export hub," Kotak Securities said in a note.
"Western sanctions remain a key driver as the US will block transactions with Lukoil and Rosneft after November 21. Roughly 1.4 million barrels per day of Russian crude is now stored on tankers as unloading slows under sanction rules, raising the risk of sharper supply constraints," Kotak Securities added.
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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 | 371.15 | 1.10 | 383.80 | 363.20 |
| Hindustan Petroleum Corp | 481.25 | 0.40 | 493.90 | 471.10 |
| Indian Oil Corp | 171.25 | 1.20 | 175.80 | 168.10 |
| Oil & Natural Gas Corp | 247.60 | (-)1.80 | 252.00 | 242.90 |
| Oil India | 436.85 | 0.70 | 444.40 | 427.30 |
| Reliance Industries | 1518.90 | 2.80 | 1530.50 | 1499.70 |
| NIFTY OIL & GAS | 12190.10 | 1.60 | 12320.50 | 12077.10 |
| Nifty 50 | 25910.05 | 1.60 | 26063.10 | 25664.30 |
| S&P BSE Sensex | 84562.78 | 1.60 | 85098.50 | 83761.40 |
End
US$1 = INR 88.74
Reported by Anand JC
Edited by Saji George Titus
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