HPCL, BPCL, IOC: Will OMC stocks remain under pressure on excise duty cut?

According to the current chart structures, shares of OMCs needs to hold their relevant support levels to stay afloat.

In a bid to provide relief to the common man, the Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 per litre over the weekend. The FM also announced a Rs 200 subsidy on LPG users under the Ujjwala Yojana Scheme.

Following this development, shares of OMC (Oil Marketing companies ) like Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation are likely to be in focus in the near term. Depsite gains on the benchmark indices, the OMCs were seen trading on a flat note so