Oil Stocks Outlook
Seen range-bound next week amid US-Iran talks
This story was originally published at 18:39 IST on 27 February 2026
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MUMBAI – Shares of oil and gas companies are expected to be range-bound next week as market participants continue to focus on the ongoing US-Iran nuclear talks. The latest meeting held in Geneva Thursday ended without a decision, with both sides agreeing to meet next week in Vienna for further negotiations.
Support for the Nifty Oil & Gas index is expected at 12000–12100 points, while the resistance is seen at 12450–12500 points, said Jatin Gedia, vice president of technical research at Teji Mandi Investment Technologies. On Friday, the index ended at 12264.90 points, down 0.2% from the previous session. The index rose for most of the sessions this week. Oil India ended over 2% higher and was the top gainer among the 15 constituents of the Nifty Oil& Gas index.
India will suffer a lot if a war between the US and Iran erupts, according to an analyst with a domestic brokerage tracking the sector. He said India's 50% of oil imports and 70–80% of the liquefied natural gas imports pass through the Strait of Hormuz. The war could disrupt the maritime route and create oil supply shortage.
The analyst expects crude oil price to fall below $65 per barrel once an agreement between the US and Iran is reached and tensions ease. He added that usually the premium in pricing would be $25-$30 per barrel during heightened tensions. Right now, the premium pricing is just $5-$10, which indicates market participants do not expect a war to break out. At 1756 IST, May futures of ICE Brent Crude Oil rose over 2% to $72.56 per barrel. The crude oil prices hit a six-month high of $72.61 per barrel on Friday.
In February, India imported around 1.16 million barrels per day, up 6% from 1.09 million barrels per day in January. This is nearly 22% lower than the number of barrels imported during the same period last year, data from Kpler showed.
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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 | 385.40 | 5.20 | 393.30 | 378.50 |
| Hindustan Petroleum Corp | 438.75 | 1.80 | 447.60 | 431.70 |
| Indian Oil Corp | 187.47 | 7.90 | 190.60 | 184.20 |
| Oil & Natural Gas Corp | 279.70 | 0.40 | 285.20 | 274.20 |
| Oil India | 483.90 | 1.80 | 501.80 | 461.70 |
| Reliance Industries | 1393.90 | (-)1.80 | 1419.80 | 1375.20 |
| Index | Levels | |||
| NIFTY OIL & GAS | 12264.90 | 1.40 | 12436.10 | 12129.90 |
| Nifty 50 | 25178.65 | (-)1.50 | 25600.60 | 24930.40 |
| S&P BSE Sensex | 81287.19 | (-)1.80 | 82651.20 | 80477.20 |
End
US$1 = INR 90.97
Reported by Adhithya Aji
Edited by Ashish Shirke
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