These 3 energy shares look promising as Nifty Oil & Gas nears major hurdle

The Nifty Oil & Gas index is approaching its 200-DMA after a gap of six months, breakout can lead the index to 12,450 levels; suggests technical charts. Here are 3 oil & gas stocks poised for a rally.

The Nifty Oil & Gas index has surged over 19 per cent in the last three weeks, from its low of 9,446 on April 7 to a high of 11,254 on Tuesday. Amid this, the index has conquered its short-term moving averages on the daily scale, and is now seen trading within striking distance of its long-term 200-Daily Moving Average (200-DMA) for the first time since October 21, 2024.  Post breakdown in October 2024, the Nifty Oil & Gas index had tumbled 22 per cent to hit a low at 9,348 on March 4. Thereafter, the index consolidated in the 9,500 - 10,700 range, and is now seen attempting a breakout thanks largely to the 7 per cent gain in Reliance Industries in the last two trading sessions.    Technical chart shows that apart from the 200-DMA, the Nifty Oil & Gas index is also poised to counter resistance around its weekly super trend line at 11,386 and its 50-Weekly Moving Average (50-WMA) at 11,500 levels.  Will the Nifty Oil & Gas index be able to conquer this major resistance zone, or will it falter? Here's a technical outlook on the index, and 3 oil & gas stocks that look promising on the charts for now. 

Nifty Oil & Gas

  Current Price: 11,197  Upside Potential: 11.2%  Downside Risk: 7%  Support: 10,830; 10,700; 10,500  Resistance: 11,386; 11,500; 11,800; 12,070  Even as the Nifty Oil & Gas index approaches its resistance zone of 11,386 - 11,500, the index can potentially witness a breakout as key momentum oscillators on the medium-term chart are favourably placed. As such, the index can potentially rally towards 12,450 levels on the upside. Intermediate resistance for the oil & gas index can be anticipated around 11,800 and 12,070 levels. CLICK HERE FOR THE CHART  On the flip side, failure to clear the resistance zone, could force the index slip back towards its 100-DMA and 100-WMA support at 10,500 and 10,420 levels, respectively. Near support for the index exists at 10,830 and 10,700 levels.   

BPCL

  Current Price: ₹ 312  Upside Potential: 24.4%  Support: ₹ 301; ₹ 293; ₹ 288; ₹ 275  Resistance: ₹ 315; ₹ 318; ₹ 331; ₹ 352  BPCL stock is seen trading at its highest level in the last five months. At present, the stock is seen trading above its 200-DMA and the 50-WMA placed around ₹ 301 levels. Recently, the stock also witnessed a breakout on the weekly scale, indicating that the near-term bias for the stock is expected to remain favourable as long as the stock holds above ₹ 288; below which the next key support stands at ₹ 275. Near support for the stock is seen at ₹ 301 and ₹ 293 levels. CLICK HERE FOR THE CHART  On the upside, break and sustained trade above ₹ 315 levels can trigger a fresh upward momentum at the counter. BPCL can potentially surge to ₹ 388 levels, with interim resistance anticipated around ₹ 318, ₹ 331 and ₹ 352 levels. 

Gujarat Gas

  Current Price: ₹ 459  Upside Potential: 12.6%  Support: ₹ 443; ₹ 428; ₹ 419  Resistance: ₹ 473; ₹ 493; ₹ 500  Gujarat Gas stock is seen consolidating around its 100-DMA, which stands at ₹ 451, for the last two weeks. While the stock looks slightly overbought on the daily scale, key momentum oscillators on the weekly chart are favourably placed. As such, the stock is expected to find support in case of a dip. CLICK HERE FOR THE CHART  Near support for Gujarat Gas is seen at ₹ 443 and ₹ 428 levels. The bias is likely to remain favourable as long as the stock holds above ₹ 419 levels. On the upside, the stock can potentially rally towards its 200-DMA at ₹ 517. Interim resistance can be anticipated around ₹ 473, ₹ 493 and ₹ 500 levels.   

Aegis Logistics

  Current Price: ₹ 793  Upside Potential: 16%  Support: ₹ 770; ₹ 750  Resistance: ₹ 830; 850; ₹ 900  Aegis Logistics stock has been largely trading in a narrow range of ₹ 790 to ₹ 815 for the most of April month. Key momentum oscillators have witnessed a positive crossover; hence the stock may attempt a breakout on the upside. As such the stock can potentially rally to ₹ 920 levels in the near-term, with intermediate resistance likely at ₹ 830, ₹ 850 and ₹ 900 levels. On the downside, ₹ 770 and ₹ 750 are likely to act as key support levels. CLICK HERE FOR THE CHART