BPCL, HPCL: Is it time to look at OMC stocks amid crude oil drop?

A breakout above Rs 2,160 may result in a sharp upside towards Rs 2,250 and Rs 2300 levels in Reliance Industries' stock

The Brent crude is struggling to touch the $75-mark after a sharp decline of over 15 per cent from the recent peak of $77.80 a barrel. Crude prices have recovered from last week's low of $67.42, although the momentum is not showing much excitement.

Meanwhile, stocks of oil marketing companies (OMCs) off late are witnessing some profit-taking. Shares of BPCL and Hindustan Petroleum Corporation (HPCL) have declined over 10 per cent from the highs touched last month. But a rebound in the last couple of sessions signals stocks could gain momentum.

Here's their outlook on technical charts:

S&P BSE OIL