Oil Stocks Outlook
Seen consolidating next week amid high crude oil prices
This story was originally published at 20:25 IST on 30 April 2026
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MUMBAI – The stocks in the Nifty Oil & Gas index are likely to consolidate amid crude oil prices touching a high of $126 per barrel. Investors are cautious ahead of an extended weekend as they expect some news regarding the US-Iran war.
On Thursday, the Nifty Oil and Gas ended 0.6% lower at 11694.65 points. Most of the constituents in the 15-stock index ended lower. Adani Total Gas Ltd. was the worst hit stock in the sectoral index by falling over 3%.
The support for the sectoral index is seen at 11280-11500 points, while the resistance is estimated at 12000 points, according to Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. Kumaar expects the index to be in positive territory with a buy on dips approach.
In Wednesday's session, an evening star candle stock pattern formed near the crucial neckline resistance zone of the double top pattern around 11800–11860 points, indicating short-term caution, Vatsal Bhuva, a technical and derivatives analyst at LKP Securities said. Despite this, the index has reclaimed its key moving averages, which reflects underlying strength, Bhuva added.
"Going ahead, the index may witness some consolidation in the 11,500–12,200 range," Bhuva said. He expects the stocks of Oil India Ltd., Oil and Natural Gas Corp. Ltd., and Reliance Industries Ltd. to outperform next week.
The Centre may announce a hike in prices of petrol and diesel on Friday with assembly elections now concluded, according to analysts tracking the sector. Kotak Securities had earlier estimated a price hike of INR 25–INR 28 per litre as assembly elections concluded Wednesday. "However, political considerations will likely prevail, and actual hikes may be more modest," Kotak said. On Friday, the Indian equity market will remain closed for Maharashtra Day and Labour Day.
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Following are the resistance and support levels for key pharmaceutical 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 | 300.45 | (-)2.50 | 306.30 | 292.70 |
| Hindustan Petroleum Corp | 374.55 | 0.30 | 381.10 | 366.10 |
| Indian Oil Corp | 142.25 | (-)0.90 | 144.50 | 140.00 |
| Oil & Natural Gas Corp | 299.55 | 5.20 | 311.90 | 290.80 |
| Oil India | 490.80 | 3.60 | 512.00 | 474.80 |
| Reliance Industries | 1,430.80 | 7.80 | 1,464.20 | 1,376.40 |
| Index | Levels | |||
| NIFTY OIL & GAS | 11694.65 | 3.20 | 11836.40 | 11484.10 |
| Nifty 50 | 23997.55 | 0.40 | 24251.20 | 23670.00 |
| S&P BSE Sensex | 76913.50 | 0.30 | 77804.40 | 75813.40 |
End
US$1 = INR 94.91
Reported by Adhithya Aji
Edited by Deepshikha Bhardwaj
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