Oil Stocks Outlook
Seen rangebound as investors await US-Iran talks outcome
This story was originally published at 19:59 IST on 8 May 2026
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MUMBAI – Stocks in the Nifty Oil & Gas Index are likely to remain rangebound as investors await the outcome of US-Iran peace talks, even as fresh exchanges of fire between the two countries have kept tensions elevated despite a ceasefire agreement. Friday, the Brent crude oil prices rose nearly 3% to an intraday high of $102.92 per barrel.
The sectoral index has been hovering around a narrow range of 11500-11850. "Either side break from this range will open the floor for the next short-term directional move in that direction," said Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. Kumaar expects the sectoral index to find support at 11300 points and face resistance around 11850–11900 points.
Friday, the Nifty Oil & Gas ended 0.9% lower at 11598.85 points. Most constituents in the index ended lower, with Gujarat State Petronet and Aegis Logistics the worst hit, down nearly 3%.
"Indian oil marketing companies are more vulnerable if elevated crude prices persist," Fitch Ratings said in a report. Fuel marketing losses can quickly erode earnings before interest, tax, depreciation, and amortisation if domestic pump prices do not adjust in line with crude oil prices, the rating agency said.
At 1832 IST, Brent crude oil July futures were 0.3% higher at $100.35 per barrel. Crude oil prices have gained over 41% since the beginning of hostilities in West Asia between the US and Iran.
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The 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 | 302.75 | 0.80 | 308.50 | 298.60 |
| Hindustan Petroleum Corp | 387.00 | 3.30 | 399.10 | 378.90 |
| Indian Oil Corp | 144.69 | 1.70 | 147.20 | 143.00 |
| Oil & Natural Gas Corp | 279.20 | (-)6.80 | 286.00 | 275.20 |
| Oil India | 454.20 | (-)7.50 | 459.30 | 449.10 |
| Reliance Industries | 1,435.20 | 0.30 | 1,457.10 | 1,406.50 |
| Index | Levels | |||
| NIFTY OIL & GAS | 11598.85 | (-)0.80 | 11712.70 | 11497.30 |
| Nifty 50 | 24176.15 | 0.70 | 24312.70 | 24058.40 |
| S&P BSE Sensex | 77328.19 | 0.50 | 77875.00 | 76873.00 |
End
Reported by Adhithya Aji
Edited by Saji George Titus
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