Oil Stocks Outlook
May rise near term; Nifty Oil resistance seen at 12600
This story was originally published at 20:06 IST on 2 January 2026
Register to read our real-time news.Informist, Friday, Jan. 2, 2026
MUMBAI – Analysts have a positive view on stocks of oil and gas companies for the near term after the stocks had a strong week. The oil stocks began the new year on a positive note. The Nifty Oil & Gas index ended nearly 1% higher at 12340.05 points Friday. The index hit an all-time high of 12350.20 points during the day.
Vipin Kumar, assistant vice president of equity research at Globe Capital Market Ltd., pegged support for the Nifty Oil & Gas index in the 12100-11950 points zone and resistance in the 12600-12700 points area. During the week ended Friday, the sectoral index rose over 3%, which is sharply higher than the over 1% rise in the Nifty 50 index. Among the sectoral constituents, Hindustan Petroleum Corp. had also hit an all-time high of INR 501.70 Thursday.
India's fuel consumption showed robust growth as petrol and diesel demand rose 6.7% and 5% on year, respectively, for the month of December. The strong demand comes amid increased travelling during the holiday season and a boost in industrial and commercial activity due to the GST rate rationalisation, according to analysts tracking the sector.
US crude oil inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended Dec. 26, the US Energy Information Administration said in a weekly report. This excludes those in strategic petroleum reserves. Analysts at Dow Jones had expected a weekly increase of 100,000 barrels. US crude oil inventories were about 3?low the five-year average for this time of the year, according to the report.
TOP HEADLINES
* Govt cuts domestic natural gas price for Jan by 3.5% to $6.25/mBtu
* India's crude imports from Russia slump almost 35% in Dec, says Kpler
* IOC hikes 19-kg LPG cylinder price by INR 111 in Delhi to INR 1,691.50
* IOC cuts ATF price by INR 7,353.75/kl to INR 92,323.02/kl in Delhi
Following are the resistance and support levels for key oil stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % |
Resistance | Support |
| Bharat Petroleum Corp | 381.45 | 4.20 | 389.40 | 374.00 |
| Hindustan Petroleum Corp | 495.85 | 6.00 | 506.00 | 487.20 |
| Indian Oil Corp | 166.79 | 4.10 | 168.80 | 163.90 |
| Oil & Natural Gas Corp | 241.46 | 3.00 | 245.30 | 236.00 |
| Oil India | 428.85 | 6.50 | 434.10 | 423.70 |
| Reliance Industries | 1592.30 | 2.10 | 1604.80 | 1572.00 |
| NIFTY OIL & GAS | 12340.05 | 3.20 | 12417.90 | 12204.70 |
| Nifty 50 | 26328.55 | 1.10 | 26483.90 | 26040.70 |
| S&P BSE Sensex | 85762.01 | 0.90 | 86290.60 | 84804.60 |
End
US$1 = INR 90.20
Reported by Adhithya Aji
Edited by Tanima Banerjee
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000/+91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
