Oil Stocks Outlook
Range-bound next week; charts show weakness in short term
This story was originally published at 20:11 IST on 13 February 2026
Register to read our real-time news.Informist, Friday, Feb. 13, 2026
MUMBAI – Shares of oil and gas companies are expected to be range-bound next week, with daily charts pointing to a short-term weakness, a technical analyst said. On Friday, the Nifty Oil & Gas index closed at 11976.45 points, down nearly 2% from the previous session. The index also closed nearly 2% lower this week after facing selling pressure near its resistance zone.
Immediate support for the sectoral index is seen at 11850 points and key resistance is pegged at 12200 points, according to Vatsal Bhuva, technical analyst at LKP Securities. "Heavyweight stock Reliance Industries closing below its 200-day moving average has added a negative tone, while ONGC and Oil India have also weighed on the chart structure," Bhuva said.
All the 15 constituents of the sectoral index ended in the red on Friday, with Oil India being the worst hit. The stock was down more than 4%. The stock had risen 10% in the past three months, outperforming the benchmark Nifty 50 index, Elara Capital said in a report. This was due to the recent 10% rise in the Brent crude oil price. For the quarter ended December, Oil India reported a net profit of INR 8.08 billion, down nearly 34% on year. The top line of the company fell over 6% on year to INR 49.16 billion for the quarter.
Shares of Oil and Natural Gas fell over 3% Friday after the upstream company reported a net profit of INR 83.72 billion for Oct-Dec, up 2% on year. Top line of the state-owned company fell over 6% to INR 315.47 billion. JM Financial Institutional Equities expects the company's output to increase, driven by Mumbai High, Krishna Godawari DW 98/2, and Western offshore blocks.
In a major development in the sector, Reuters reported that the US has issued a general licence to Reliance Industries, allowing the company to purchase oil from Venezuela without directly violating any sanctions. This could boost Venezuela's oil exports and reduce crude oil costs for Reliance Industries, the report said.
TOP HEADLINES
* REUTERS: RIL gets general licence from US to buy, refine Venezuelan oil
* EIA says US natural gas stocks down 249 bcf in week ended Feb 6
* IEA cuts 2026 global oil demand growth view; supply to rebound in coming mos
* OPEC retains 2026 oil demand growth view at 1.4 mln bpd; 2027 view also unch
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 | 374.10 | (-)3.20 | 380.60 | 369.70 |
| Hindustan Petroleum Corp | 450.20 | (-)2.80 | 457.90 | 444.90 |
| Indian Oil Corp | 176.77 | 0.90 | 178.80 | 175.00 |
| Oil & Natural Gas Corp | 267.40 | (-)0.60 | 273.60 | 262.90 |
| Oil India | 455.25 | (-)8.50 | 478.20 | 440.80 |
| Reliance Industries | 1419.60 | (-)2.20 | 1463.30 | 1394.50 |
| Index | Levels | |||
| NIFTY OIL & GAS | 11976.45 | (-)1.90 | 12197.10 | 11847.80 |
| Nifty 50 | 25471.10 | (-)0.90 | 25701.30 | 25329.20 |
| S&P BSE Sensex | 82626.76 | (-)1.10 | 83292.20 | 82201.90 |
End
Reported by Adhithya Aji
Edited by Ashish Shirke
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
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
