More Stories

Informist, Friday, Jul. 17, 2026

 

MUMBAI – Technical indicators for the Nifty Oil & Gas suggest the index is likely to trade in a range next week, reflecting a phase of indecision, analysts said. However, the index continues to signal the possibility of a breakout if supported by favourable market conditions, they said.

 

The market experienced volatility during the week as the war in West Asia resumed. "A clear trend of sector and market-cap rotation unfolded during the week, with domestic institutional investors increasingly favouring large caps over mid- and small-cap stocks," Vinod Nair, head of research at Geojit Investments Ltd., said in a note.

 

Friday, the Nifty Oil & Gas index ended 1% higher at 11298.65 points. For the week, it gained 1.1%. The sectoral index significantly outperformed the benchmark indices, with the Nifty 50 rising just 0.5% over this week, while the Nifty 200 posted only marginal gains.
 

This week, six out of the 15 stocks in the index closed in the red. Of these, Aegis Vopak Terminals was the top laggard, down a little over 4%. On the flipside, Aegis Logistics was the top performer, up a shade over 8%. 

 

Reliance Industries, a key player in India's energy sector, announced its financials for the June quarter late Friday. The company reported a consolidated net profit of INR 209.46 billion, against expectations of INR 190.13 billion. Its consolidated revenue stood at INR 3.12 trillion, slightly below estimates of INR 3.15 trillion.

 

"Given Reliance Industries' significant weight in the index, its earnings could act as a key catalyst. Support is placed at 11,000, while resistance stands at 11,350. A result in line with or above expectations could trigger a rally towards 11,800, whereas weaker earnings may keep the index range-bound," Vatsal Bhuva, technical and derivatives analyst at LKP Securities, said. 

Brent crude oil is seen on track to post a third straight weekly gain as tensions between the US and Iran escalated this week, casting fresh doubts on the fragile ceasefire. Brent crude futures are trading near $85.50 per barrel, with the benchmark advancing nearly 12% this week. 

 

"Fresh US air strikes on Iranian targets and retaliatory missile attacks have significantly heightened supply concerns. Markets are also monitoring reports that Iran has directed Houthi forces to prepare for a possible closure of the Red Sea shipping route, raising the risk of another major supply bottleneck," Kotak Neo said.

 

TOP HEADLINES

* Power Grid to Wed mull raising borrowing limit to INR 350 bln for FY27
* EIA says US natural gas stocks up 41 bcf in week ended Jul 10
* Coal India gets commissioning certificate for 200 MW solar unit in Gujarat
* Sterling and Wilson Apr-Jun consol sales fall 9.7% YoY but PAT rises 69.6%
* NHPC restarts all 3 units of flood-hit Teesta-V Power Station in Sikkim
* Trying to find out best solution in ethanol allotment case, govt tells SC
* ACME Solar raises INR 26.5 bln from REC for renewable energy project
* US crude oil stocks dn 1.7 mln bbl in week ended Fri, exports up, says EIA
* ACME Solar arm commissions 110-MWh battery energy project
* GMR Airports Q1 passenger traffic up slightly on year, falls in June
* Govt cuts windfall gains tax on petrol exports, hikes on diesel, ATF exports
* Earnings Review: MRPL Q1 revenue doubles; one-time gain boosts profit
* Emmvee Photovoltaic Apr-Jun consol net profit doubles on year to INR 3.8 bln
* ONGC-NTPC Green JV arm wins 50 MW wind power project tender
* Adani Power to supply 1.6 GW thermal power to Maharashtra discom for 25 yrs
* IPO Alert: IEX associate co Indian Gas Exchange files DRHP with SEBI for IPO
* SC refuses relief to Adani Global on appointment of arbitrator in cargo case
* COLUMN: Nouriel Roubini - Oil Shocks Are No Longer So Shocking
* Power Grid commissions 4th phase of transmission system in Gujarat
* PRESS: IOC, HPCL find no fuel adulteration after 14,000 inspections
* India Ratings assigns 'A-' rating to HEG arm's banking facility
* India Ratings assigns 'A1+' rating to HPCL's INR 100-bln CP,  outlook stable
* SC rejects Great Eastern Energy's plea for govt to consider coal block bid
* Earnings Outlook: MRPL Q1 sales seen up sharply, PAT to jump on high cracks
* Grasim arm to buy Solenergi Power at enterprise value of INR 172 bln
* OPEC cuts 2026 oil demand growth view to 0.8 mln bpd; Gulf June output rises
* NTPC approves INR 204.57-bln investment for Chhattisgarh thermal power project
* Reliance Power says ED attached assets worth INR 10.21 billion under PMLA
* NITI Aayog discusses operational framework, rollout of SHANTI Act 2025
* Adani Green's energy sales in Apr-Jun up 30% on year at 13.7 bln units
* CARE raises rating on loans, NCDs of GMR Airports to A+ with positive outlook
* JSW Energy arm bags INR 4.4-bln battery storage orders from Bondada Renewable
* HC asks Afcons JV to keep bank guarantees alive till ONGC plea decided
* Power Grid gets order for inter-state transmission system sub-stations
* Global oil demand recovering from May's low but seen dn 1 mln bpd 2026 - IEA
 

 

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	315.55	1.90	319.60	308.40
Hindustan Petroleum Corp	400.40	1.30	406.90	393.40
Indian Oil Corp	141.69	2.00	143.50	139.30
Oil & Natural Gas Corp	247.29	1.00	249.10	244.70
Oil India	435.35	2.50	442.60	423.60
Reliance Industries	1327.20	1.50	1352.10	1283.70
Index	Levels
NIFTY OIL & GAS	11298.65	1.10	11410.70	11099.50
Nifty 50	24334.30	0.50	24535.10	23998.60
S&P BSE Sensex	78151.45	0.80	78888.60	76939.50

End

 

US$1 = INR 96.28

 

Reported by Anand JC

Edited by Saji George Titus

 

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.