Shares of Crude oil-related companies were in focus on Friday following a near 12 per cent surge in the US WTI Crude Oil futures after Israel launched a pre-emptive strike on Iran.
Israel's Defense Minister Israel Katz said on Friday that Israel launched a "pre-emptive strike" on Iran. According to reports, Israel launched an attack on nuclear sites in Iran, killing some of the top military officials and scientists.
In response to the attack, Iran's Supreme Leader Ayatollah Ali Khamenei has warned that Israel will face "a severe punishment".
READ MORE Reports suggested that the latest Israel-Iran offensive is now threatening to blow out into a full-fledged war between the two nations.
Meanwhile, the US WTI Crude Oil futures hit an intra-day high of $77.58 per barrel on Friday - up almost 12 per cent when compared to its previous day's close at $69.39 per barrel. Crude Oil prices have zoomed as much as 36.7 per cent from the May 5 low of $56.76 levels, and are now trading at 5-month highs.
Back in the Indian stock market,
shares of oil marketing companies (OMCs), which rely on crude oil as the chief raw material tumbled up to 6 per cent in intra-day deals today. Whereas, domestic oil producers who tend to benefit from higher crude oil prices such as - ONGC and OIL India rallied up to 4 per cent.
Against this background, here's a technical outlook on oil-related stocks - HPCL, BPCL, Indian Oil Corporation (IOC), ONGC and OIL India.
ALSO READ: OMCs, paint, tyre stocks fall; upstream oil mixed as oil price rises 13% Hindustan Petroleum (HPCL) stock outlook
Current Price: ₹384
Downside Risk: 12.5%
Support: ₹370; ₹364
Resistance: ₹390; ₹393; ₹405
HPCL stock has recovered smartly from the day's low of ₹370, but is threatening to signal a likely trend reversal. A close below ₹390 today shall confirm a trend reversal for HPCL stock. As such, the stock may slip back towards today's low of ₹370, below which support for the stock exists around its 100-Day Moving Average (100-DMA), which stands at ₹364.
CLICK HERE FOR THE CHART In the worst case scenario, the stock can potentially slide towards ₹336. On its way up, the HPCL stock is likely to face resistance around ₹393 and ₹405 levels.
ALSO READ | NSE Nifty sinks below 24,500; is the market bullish set-up under threat? Bharat Petroleum (BPCL) stock outlook
Current Price: ₹310
Upside Potential: 6.5%
Downside Risk: 15.2%
Support: ₹306; ₹300; ₹285
Resistance: ₹317
Amid Friday's sharp fall, BPCL stock tested support at its 200-DMA, which stands at ₹300, and has briefly bounced back. The stock needs to ensure a close above ₹306, for the present positive bias to prevail. As long as these support levels are held, BPCL can potentially attempt a pull-back to ₹330 levels, with interim resistance seen at ₹317.
CLICK HERE FOR THE CHART On the flip side, in case, the 200-DMA gives way, the stock could then slide towards ₹263 with intermediate support likely around ₹285 levels.
Indian Oil Corporation (IOC) stock outlook
Current Price: ₹141
Downside Risk: 14.2%
Support: ₹132; ₹127
Resistance: ₹146
IOC stock has been struggling around its 200-DMA for more than a month now. Technical chart suggests that the overall bias for IOC stock is likely to remain tepid as long as the stock trades below ₹146.
On the downside, the stock has near support at ₹137; below which a slide towards ₹121 seems likely. Interim support can be anticipated around ₹132 and ₹127 levels.
CLICK HERE FOR THE CHART ALSO READ | Nifty Pharma, Biocon, Cipla break over 200-DMA; what next? ONGC stock outlook
Current Price: ₹250
Upside Potential: 10.8%
Support: ₹244; ₹241; ₹239
Resistance: ₹251; ₹256; ₹263
ONGC stock is seen attempting to conquer its 200-DMA, which stands at ₹251, for the last two trading sessions. The stock has been languishing below this key long-term moving average since October 22, 2024. Breakout above the ₹251 level can potentially help the stock rally towards ₹277, with interim resistance likely around ₹256 and ₹263 levels.
CLICK HERE FOR THE CHART On the other hand, in case, as long as the stock trades below the 200-DMA, it may revisit support levels around ₹244, ₹241 and ₹239 levels.
OIL India stock outlook
Current Price: ₹482
Upside Potential: 26.6%
Support: ₹464; ₹440
Resistance: ₹500; ₹530; ₹590
OIL India stock has given a breakout above the 200-DMA after a gap of nearly 7 months. On Friday, for the second straight day the stock was seen quoting above this long-term moving average.
CLICK HERE FOR THE CHART Technical chart suggests that the near-term bias for the stock is likely to remain upbeat as long as the stock trades above ₹464; below which major support for the stock stands at ₹440 levels. On the upside, the stock can potentially soar to ₹610 levels, with interim resistance likely around ₹500, ₹530 and ₹590 levels.
 "How to trade HPCL, BPCL, ONGC as Crude Oil boils to 5-month high at $77/bbl")
