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ONGC, BPCL, HPCL: Oil and Gas stocks could surge up to 30%, charts show

Technical indicators suggest further upside in the S&P BSE Oil and Gas index towards 15,800 to 16,000 levels.

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Oil stocks

Avdhut Bagkar Mumbai
Prime Minister Narendra Modi's announcement to spend around Rs 7.5 trillion to build oil and gas infrastructure in India catapulted oil and gas shares at the bourses on Thursday. 

"We are planning to spend around Rs 7.5 lakh crore (Es 7.5 trillion) in creating oil and gas infrastructure over five years," said the Prime Minister. Today, Indian oil and gas companies are present in 27 countries with investment worth about Rs 2.7 trillion. About 65.2 million tonnes of petroleum products have been exported. This number is expected to rise even further. "Our companies have ventured overseas in acquisition of quality