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Informist, Friday, Jan. 16, 2026

MUMBAI – Shares of companies in the Nifty Oil & Gas index are expected to remain rangebound next week due to elevated geopolitical uncertainties amid escalating anti-government protests in Iran. Shares of Reliance Industries will be in focus as the oil and gas segment reported an 8.4% fall in revenue. 

Analysts will focus on Oct-Dec earnings to set the direction for the oil and gas stocks. On Friday, the Nifty Oil & Gas index ended 0.3% higher at 11748.50 points. Over the week, the sectoral index has gained 1%, outperforming the benchmark Nifty 50 index. 

The support for the Nifty Oil & Gas is expected at 11400–11340 points and the resistance is pegged at 12000-12100 points, according to Jatin Gedia, vice president of technical research at Teji Mandi Investment Technologies.  The depreciation of the rupee continues to weigh on the margins of oil marketing companies and city gas distributors, partially offsetting benefits from softer crude prices. Refining margins, which spiked in November due to geopolitical risks, have moderated as incremental global capacity came onstream, according to analysts tracking the sector. 

The stocks in the sector have corrected meaningfully from recent peaks, Motilal Oswal said in a report. The majority of stocks trade near or above their long-term average earnings per share, limiting the margin of safety, Motilal Oswal said. The brokerage highlighted that only the stocks of Bharat Petroleum Corporation, Mahanagar Gas, and Indraprastha Gas trade near their mean 1-standard deviation valuation. 

Shares of Reliance will be in focus as the conglomerate reported an 8.4% on-year fall in its oil and gas revenue to INR 58.33 billion. Revenue is lower due to lower volumes and lower price realisation for Krishna Godavari Dhirubhai 6 gas and condensate. The oil and gas segment's earnings before interest, tax, depreciation and amortisation declined by nearly 13% on year to INR 48.57 billion. This was due to lower revenues and higher operating costs due to maintenance activities, the company said in a press release. 

TOP HEADLINES

* Earnings Outlook:Oil-to-chemicals, telecom ops to boost Reliance Ind Q3 PAT

* EIA says US natural gas stocks down 71 bcf in week ended Jan 9
* OPEC keeps 2026 oil demand growth view unch; raises by 1.3 mln bpd for 2027
* EIA sees Brent crude price averaging $56/bbl in 2026, $54/bbl in 2027
* BPCL arm-IOC SPV discovers oil resources in onshore block-1 in Abu Dhabi
* ONGC establishes well control at Mori field in Andhra, 5 days after gas leak
* ONGC clears out majority debris from Mori wellsite days after gas leak
* Indraprastha Gas enters competition stage for gas distribution in Saudi
 

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:

End

Reported by Adhithya Aji

Edited by Saji George Titus

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