ONGC, BPCL among 3 oil stocks with 10% upside potential: Choice Broking

Aakash Shah, technical analyst at Choice Equity Broking expects ONGC, Oil India and BPCL to gain up to 10 per cent from here based on the strong chart patterns.

Shares of oil-related companies surged up to 7 per cent in Wednesday's intra-day trade following a jump in crude oil prices. Oil India and ONGC were seen trading around 52-week highs, while the likes of HPCL, BPCL and Indian Oil Corporation gained around 3 per cent each.  According to reports, crude oil prices saw a fresh spike amid rising US-Iran tensions after the US shot at an Iranian drone near an American aircraft carrier in the Arabian sea. Brent Crude and WTI Crude Oil prices have rallied around 13 per cent so far this year, and quoted around $68 and $64 per barrel.  In comparison, Oil India and ONGC - both upstream oil companies - share prices have appreciated by 21 per cent and 12 per cent so far in 2026. Oil marketing companies (OMCs) such as BPCL, HPCL and IOC, however, have witnessed a mixed trend, the former two have declined 1 per cent and 8 per cent, while the latter has gained 3 per cent so far this year.  Analysts at ICICI Securities are bullish on ONGC, and have a 'Buy' rating on the stock with a target price at ₹320 per share. READ MORE  Meanwhile, technical research analyst - Aakash Shah of Choice Equity Broking has an optimistic view on ONGC, Oil India and BPCL, and expects these shares to rally another 10 per cent from here. Below is a detailed analysis.

Technical outlook on ONGC, Oil India and BPCL

ONGC

Current Market Price: ₹268 

 

 

  On the daily chart, ONGC stock has witnessed a sharp bullish breakout from its recent consolidation range, supported by strong bullish candles and rising volumes, highlights Aakash Shah.  "The stock has reclaimed the 20-EMA and 50-EMA, with both averages turning upward, and is also trading above the 100-EMA, confirming improving trend structure. This crossover and expansion in price range reflects renewed buying interest," explains the analyst from Choice Equity Broking.  On the upside, Shah says that breakout zone around ₹250 – ₹255 now acts as an important demand area for ONGC. Sustained holding above this zone keeps the bullish structure intact and opens the door for further upside toward the ₹280 – ₹290 target zone. 

Oil India

Current Market Price: ₹513 

 

  Oil India share is displaying a strong bullish continuation structure on the daily chart, with price breaking out to fresh 52-week highs, confirming sustained upward momentum, says Shah.  The recent rally has been supported by a series of higher-highs and higher-lows, and the stock is comfortably trading above its key EMAs, with all key moving averages aligned upward, the analyst explained.  Shah expects the previous consolidation zone around ₹480 – ₹490 to act as a key support base; and predicts a likely upside towards ₹540 – ₹560 range in the near term. 

BPCL

Current Market Price: ₹380 

 

  BPCL stock is showing strong relative strength, with price trading near all-time highs, confirming a powerful bullish trend. The stock has also maintained a clean structure of higher-highs and higher-lows, highlights the analyst.  "The recent breakout has been supported by steady volumes, suggesting trend participation rather than exhaustion. Pullbacks remain shallow, highlighting strong dip-buying behaviour. From a structural perspective, the breakout zone of ₹350 – ₹355 now acts as a key support base," explains Shah. On the upside, he expects BPCL to target ₹395 – ₹420 zone.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.