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Informist, Friday, Jun. 5, 2026

 

MUMBAI – Stocks in the Nifty Oil & Gas index are expected to trade sideways amid the ongoing war in West Asia, which continues to weigh on markets. Analysts expect strong earnings from upstream companies in the current fiscal year while remaining bearish on downstream ones. On Friday, the Nifty Oil & Gas ended at 11106.20 points, down 0.5%.   

 

The Nifty Oil & Gas index has been trading in a broader congestion range, said Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. "Moving forward, we expect a continuation of this sideways trading behaviour as long as the index remains within the 10600–11800 spot zone," Kumaar said. He estimates the support for the index at around 10750-10600, while the resistance is seen at around 11600–11800. 

 

The net profit of the oil sector is expected to increase 37% in 2026-27 (Apr-Mar), led by higher profits in Oil and Natural Gas Corp. Ltd. and Reliance Industries Ltd., Kotak Institutional Equities said in a report. The oil upstream company ONGC's net profit for FY27 is expected to grow 75% on year due to higher net realisation for both crude oil and natural gas on the back of a sharp hike in prices globally, Kotak said. This rise is likely to offset losses in its subsidiary Hindustan Petroleum Corp Ltd., the brokerage added.

 

Reliance Industries' bottom line is likely to grow 25%, driven by strong refining margins, leading to 21% growth in standalone earnings, the brokerage said. "We would note that the profits of the downstream oil companies are quite volatile, given inherent volatility in refining margins and induced volatility in marketing margins, given control on retail prices of automobile fuels," the brokerage said. 

Oil downstream companies are expected to see negative marketing margins in FY27 compared with FY26 due to high fuel prices, Kotak said. The lower-than-required increase in retail fuel prices for diesel and petrol is also likely to weigh on the margins of oil marketing companies, the brokerage added. 

       

 

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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	295.00	(-)1.00	298.40	290.10
Hindustan Petroleum Corp	385.05	(-)2.20	392.30	380.20
Indian Oil Corp	138.26	(-)1.40	140.20	136.70
Oil & Natural Gas Corp	264.75	(-)0.20	270.40	260.90
Oil India	483.35	1.50	499.70	473.80
Reliance Industries	1,291.00	(-)2.30	1,313.00	1,277.00
Index	Levels
NIFTY OIL & GAS	11106.20	(-)0.80	11233.70	11016.30
Nifty 50	23366.70	(-)0.80	23622.30	23154.90
S&P BSE Sensex	74243.34	(-)0.70	75045.40	73587.70

 

 

End

 

US$1 = INR 94.9450

 

Reported by Adhithya Aji

Edited by Saji George Titus

 

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