Oil Stocks Outlook
Seen in range, supported by hope for peace in West Asia
This story was originally published at 21:02 IST on 22 May 2026
Register to read our real-time news.Informist, Friday, May. 22, 2026
MUMBAI – Stocks in the Nifty Oil & Gas index are expected to be range-bound in the upcoming week. However, analysts expect an upward move if there is any news of progress in the negotiations between the US and Iran to end the war in West Asia. Friday, the Nifty Oil & Gas ended at 11372.30 points, largely unchanged from Thursday.
Support for the sectoral index is expected at 11200 points while the resistance is pegged at 11500 points, according to Jatin Gedia, senior vice-president, technical research, at Teji Mandi Investment Technologies. Gedia said the Nifty Oil & Gas closed flat on consolidation after a sharp move in previous sessions. Any positive news from West Asia is likely to support the index, he said.
The management of Bharat Petroleum Corp., in a post-earnings conference call, said the under-recovery on retail oil products is a short-term challenge and it is hopeful that the government will extend help to surmount it. The challenge is unlikely to translate into any kind of long-term stress on the balance sheet for the financial year 2026-27 (Apr-Mar), it said. However, Elara Capital said weak retail margin and supply volatility could drive a sharp earnings trough for the company in FY27.
S&P Global Ratings said a prolonged conflict in West Asia and high crude oil prices could erode the financial cushion of Indian Oil Corp. Ltd. The company's earnings and cash flow over the next 12 months are turning increasingly uncertain, the rating agency said. "IOCL (Indian Oil Corp.) has to balance its role of meeting the country's energy needs while absorbing losses due to high crude oil prices," S&P Global said.
In a major development, Indian Oil raised the retail prices of petrol and diesel by around 90 paise per litre Tuesday. The price of petrol in Delhi was raised by 87 paise to INR 98.64 per litre and the price of diesel was raised by 91 paise to INR 91.58 per litre. A week ago, the company had raised the price of both fuels by INR 3 each per litre.
TOP HEADLINES
* EIA says US natural gas stocks up 101 bcf in week ended May 15
* IOC faces logistics pressures as commercial sales move to retail outlets
* FOCUS: Fuel price rise crystallises repo rate hike fears but not for June
* BPCL total sales rise 4% on year to 14.21 mln tn in Jan-Mar, exports up 17%
* MRPL gets PNGRB authorisation for ATF pipeline to Bengaluru airport
* IOC plans INR-327-bln capex for FY27, largely unch from FY26
* Gradually raising fuel prices to limit rise in inflation, says IOC official
* India's April natural gas import bill down 30% on yr amid supply disruptions
* IOC ups petrol, diesel retail prices again, petrol now INR 98.64/ltr in Delhi
* Earnings Review: Indraprastha Gas Q4 PAT dn 21% YoY, worse than Street view
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. | 295.60 | 3.90 | 301.10 | 288.90 |
| Hindustan Petroleum Corp. | 389.65 | 6.40 | 394.30 | 383.00 |
| Indian Oil Corp. | 139.47 | 3.70 | 141.90 | 136.80 |
| Oil & Natural Gas Corp. | 290.00 | (-)3.10 | 299.50 | 284.70 |
| Oil India | 499.75 | (-)3.60 | 510.30 | 493.10 |
| Reliance Industries | 1,354.50 | 1.40 | 1,375.30 | 1,338.70 |
| Index | Levels | |||
| Nifty Oil & Gas | 11372.30 | 1.10 | 11464.70 | 11273.40 |
| Nifty 50 | 23719.30 | 0.30 | 23906.60 | 23577.30 |
| S&P BSE Sensex | 75415.35 | 0.20 | 76065.90 | 74905.50 |
End
US$1 = INR 95.69
Reported by Adhithya Aji
Edited by Rajeev Pai
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:
