OMC stocks are displaying bearish sentiment, if fails to hold key supports then could enter medium-term selling bias.
The state-owned oil marketing company reported the second straight quarterly loss despite revenue rising 30 per cent to Rs 1.13 trillion.
Stocks like HOEC, HPCL, ONGC and Pidilite can rally up to 10 per cent in the near term.
HPCL, BPCL and IOC were down between 3% and 5% on the BSE in early morning trade, but recouped losses partially as trade progressed