Oil Stocks Outlook
Index may rise next week as oil prices ease from highs
This story was originally published at 19:49 IST on 10 April 2026
Register to read our real-time news.Informist, Friday, Apr. 10, 2026
MUMBAI – With oil prices easing from multi-year highs this week after the US and Iran agreed upon a two-week ceasefire in war, the Nifty Oil & Gas index is showing signs of upward momentum next week, analysts said. The sectoral index closed in the green for the second consecutive week on Friday, having registered losses for four straight weeks earlier.
"The Nifty Oil & Gas index has witnessed a downward consolidation breakout on the daily chart while sustaining above its 20-day SMA (simple moving average), indicating improving momentum," Vatsal Bhuva, a technical and derivatives analyst at LKP Securities said. "A positive divergence is confirmed as RSI (relative strength index) shows a bullish crossover, supporting the possibility of further upside," Bhuva said.
Friday, the Nifty Oil & Gas index closed 0.9% higher at 11193.40. For the week, the index gained 3.2%, lower than the benchmark Nifty 50 which closed 5.9% higher and even poorer than the Nifty 200 index which closed 6.7% higher.
Oil prices shot up by over 50% between Feb. 28 and Apr. 5 as US and Israel pummelled Iran aerially, which prompted the near-closure of the Strait of Hormuz. The war in West Asia prominently highlighted the sensitivity of the oil and gas index to geopolitical developments and crude prices, given the dominance of oil marketing companies such as Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd., and Hindustan Petroleum Corp. Ltd.
"Going ahead, recovery (for the Nifty Oil & Gas index) could extend towards 11,600 levels, where the 50-day SMA is placed, while immediate support is seen near the 11,000 zone," Bhuva said.
As many as four companies which are part of the 15-stock sectoral index closed lower this week. Chennai Petroleum Corp. Ltd., down almost 6%, lagged the most while city gas distributor Mahanagar Gas Ltd., up nearly 13%, gained the most.
If the index continues the positive momentum displayed this week and crosses 11250 points, it can then head towards 11500-11600 points in the coming week, Vipin Kumaar, Assistant vice president of technical and derivatives at Globe Capital Market said. "On the flip side, fell below 10980 might drag it towards 10800-10750 levels," he added.
Friday, Brent crude oil prices climbed above $96 a barrel, up about a percent from Thursday, while WTI Crude oil held near $99, according to Kotak Neo. "Both benchmarks remain on track for their steepest weekly losses since June following the US–Iran ceasefire announcement," the firm said in a note.
"Demand-side adjustments, including reserve drawdowns in China and fuel rationing in India, signal tightening balances. Near-term, upside risks persist from supply shocks and geopolitical instability, while diplomatic progress and demand normalization pose downside pressure," Kotak Neo said.
TOP HEADLINES
* EIA says US natural gas stocks up 50 bcf in week ended Apr 3
* BPCL appoints Sanjay Khanna as CMD till May 2029
* Castrol India upgrades engine oil for two-, four- wheelers to full synthetic
* Cabinet OKs HPCL Rajasthan Refinery's higher project cost of INR 794.6 bln
* India welcomes US-Iran ceasefire, hopes for smooth trade via Strait of Hormuz
* Govt covers more industries under enhanced 70% commercial LPG allocation
* Brent crude seen peaking at $105/bbl Apr-Jun, $88/bbl in Oct-Dec, says EIA
* GAIL signs long-term charter pact with Greek co Alpha Gas for LNG carrier
* Centre to raise LPG allocation to states prioritising PNG lines, biogas use
* NSE, S&P Global Energy to launch derivatives on Platts Brent benchmarks
* Govt nudged states to cut VAT on petrol, diesel if retail prices rise: source
* Vessel carrying 46,650 tn of LPG passes via Strait of Hormuz - petroleum min
* Fire at ONGC's Mumba High platform Fri injures 10; operations under control
* India-bound Iranian oil tanker reroutes to China over payment concerns: Kpler
* Crude oil futures on NYMEX rises above $108/bbl as war on Iran continues
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 | 299.35 | 7.60 | 306.60 | 292.60 |
| Hindustan Petroleum Corp | 360.60 | 10.60 | 371.40 | 351.70 |
| Indian Oil Corp | 142.96 | 6.60 | 145.20 | 140.80 |
| Oil & Natural Gas Corp | 286.50 | (-)0.20 | 294.90 | 280.30 |
| Oil India | 471.30 | (-)1.80 | 478.90 | 463.60 |
| Reliance Industries | 1,350.20 | (-)0.00 | 1,365.50 | 1,323.90 |
| Index | Levels | |||
| NIFTY OIL & GAS | 11,193.40 | 3.20 | 11,295.00 | 11,077.40 |
| Nifty 50 | 24,050.60 | 5.90 | 24,211.40 | 23,776.00 |
| S&P BSE Sensex | 77,550.25 | 5.80 | 78,112.60 | 76,570.00 |
End
US$1 = INR 92.72
Reported by Anand JC
Edited by Deepshikha Bhardwaj
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
