Oil Stocks Outlook
Seen range-bound amid rising crude oil prices
This story was originally published at 22:51 IST on 28 August 2026
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MUMBAI – The stocks in the Nifty Oil & Gas index are expected to move in a range with a negative bias next week amid the rise in crude oil prices. Crude oil prices rose Friday after US President Donald Trump said he has no plan to enter into a ceasefire agreement with Iran. This pushed up energy prices with the October futures contract of Brent crude at nearly $90 per barrel, up more than 23% from pre-war levels.
The Wall Street Journal reported that Trump told mediators he was not interested in a ceasefire deal like the one in June, which did not hold for long. In June, the US and Iran had signed a memorandum of understanding for a 60-day ceasefire.
Friday, the Nifty Oil & Gas ended marginally higher than Thursday at 11067.70 points. Oil marketing company Hindustan Petroleum Corp. was the worst-hit stock in the index, down nearly 2%. On the other hand, oil explorer Oil India was the top gainer, up nearly 3%. Support for the sectoral index is seen at 10800 points, while the resistance is seen at 11250 points, according to Om Mehra, technical research analyst at SAMCO Securities.
"The current conflict in West Asia has lasted more than we had expected, and the current stalemate situation may take a few more months to unravel," Nomura said in a report. However, the broking firm maintained its positive stance on oil marketing companies which are currently making healthy integrated margins of $8-$13 per barrel. "Integrated margins being inversely proportional to crude oil prices have meaningful upside from these levels if oil prices correct... though (this) will be partly offset by the government reversing the INR 10/litre excise duty cuts announced in March," Nomura said.
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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. | 319.25 | 2.70 | 322.30 | 314.50 |
| Hindustan Petroleum Corp. | 364.00 | 0.20 | 373.30 | 359.20 |
| Indian Oil Corp. | 137.10 | 0.90 | 138.30 | 135.60 |
| Oil & Natural Gas Corp. | 232.25 | (-)1.80 | 234.40 | 230.20 |
| Oil India | 482.85 | 1.70 | 492.70 | 466.80 |
| Reliance Industries | 1,287.00 | (-)2.20 | 1,298.10 | 1,274.50 |
| Index | Level | |||
| Nifty Oil & Gas | 11067.70 | (-)1.00 | 11121.00 | 11004.20 |
| Nifty 50 | 24175.65 | (-)0.30 | 24258.40 | 24035.50 |
| S&P BSE Sensex | 77264.51 | (-)0.40 | 77573.30 | 76833.80 |
End
US$1 = INR 95.37
Reported by Adhithya Aji
Edited by Rajeev Pai
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