Oil Stocks Outlook
Seen up next week as shrs trading with bullish undertone
This story was originally published at 18:46 IST on 6 February 2026
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MUMBAI – Shares of companies in the Nifty Oil and Gas index are expected to move higher next week as the index is exhibiting a bullish undertone, a technical analyst said. The Nifty Oil and Gas index closed higher for the second consecutive week Friday.
"The overall chart structure of the Oil and Gas index indicates a sideways trend, marked by heightened volatility in recent sessions. Despite the range-bound movement, the index is trading with a bullish undertone, as it is sustaining above both the 20-day and 50-day moving averages, indicating gradual strength buildup," Vatsal Bhuva, technical analyst at LKP Securities, said.
On Friday, the sectoral index closed 0.5% higher at 12208.20 points. For the week, the Nifty Oil and Gas index gained 3.5%, healthily outperforming the benchmark Nifty 50, which closed 1.5% higher. "Gains (in Nifty 50) were led by select FMCG, oil and gas, and private banking stocks, which saw renewed interest following recent corrections," Siddhartha Khemka, head of research, wealth management at Motilal Oswal Financial Services Ltd., said in a note.
Mahanagar Gas Ltd. and Hindustan Petroleum Corp. Ltd. were the top gainers in the 15-stock Nifty Oil & Gas index, with both closing around 9% higher for the week. Aegis Logistics Ltd. was the top laggard as it lost 5.4% for the week.
"Momentum indicators also support this view, with RSI (Relative Strength Index) witnessing a bullish crossover and signaling improving momentum," Bhuva said. "On the technical front, the immediate hurdle for the index is placed near 12450 levels. A decisive move above 12450 could act as a trend-setting level, while strong support is seen around the 12000 zone."
Oil prices on Friday recovered some of their losses booked in the previous session. According to Kotak Securities, WTI crude oil prices rose 1% to trade around $64 per barrel on Friday. "Despite the rebound, prices were on track for their first weekly loss in nearly two months, down about 1.8% on the week and more than 3% from last month's near six-month high. The pullback followed easing supply fears and a shift in market attention toward the outcome of US–Iran talks scheduled in Oman," the brokerage said in a note.
"Near-term price direction hinges on geopolitical clarity; de-escalation may pressure crude lower, while renewed tensions would quickly revive risk premiums," Kotak Securities said.
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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 | 386.35 | 6.00 | 390.40 | 379.30 |
| Hindustan Petroleum Corp | 463.15 | 8.50 | 471.80 | 455.30 |
| Indian Oil Corp | 175.20 | 7.30 | 184.10 | 168.80 |
| Oil & Natural Gas Corp | 268.95 | 0.00 | 273.10 | 262.60 |
| Oil India | 497.25 | (-)2.50 | 510.00 | 484.70 |
| Reliance Industries | 1450.80 | 4.00 | 1465.00 | 1426.40 |
| Index | Levels | |||
| NIFTY OIL & GAS | 12208.20 | 3.50 | 12308.60 | 12029.80 |
| Nifty 50 | 25693.70 | 1.50 | 25841.90 | 25417.80 |
| S&P BSE Sensex | 83580.40 | 1.60 | 84059.40 | 82685.90 |
End
US$1 = INR 90.66
Reported by Anand JC
Edited by Tanima Banerjee
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