The five companies are Bharat Petroleum Corporation (BPCL), Container Corporation of India (Concor), Shipping Corporation of India (SCI), THDC India, and North Eastern Electric Power Corporation.
At the bourses, stocks of public sector companies have been in focus given these developments. Here's how oil refining and marketing companies (OMCs) have performed over the past few weeks.
S&P BSE oil & gas index:
The index has showed ‘higher high, higher low’ formation on the charts after crossing its 200-day moving average (DMA) decisively. Thereafter, the resistance of 15,200 became support. Indeed, the index found selling pressure at higher levels of 15,600 – 15,700 over the past few sessions. Moving Average Convergence Divergence (MACD) is trading with a negative crossover above the signal line. The recent swing lows were at 14,964 and 14,440. The immediate selling pressure was seen above 15,300. CLICK HERE FOR THE CHART
Hindustan Petroleum Corporation Ltd (HINDPETRO):
The stock has made a ‘double top’ formation with a breakdown below Rs 300. A negative crossover of a Relative Strength Index (RSI) over the past few weeks indicated weakness towards the 100-days moving average (DMA). As per the chart, HPCL has failed to conquer its 50-DMA. Also, the Moving Average Convergence Divergence (MACD) has fallen under the zero line in the past few sessions. CLICK HERE FOR THE CHART
Bharat Petroleum Corporation Ltd (BPCL): T
he counter has entered a consolidation phase after the recent sharp surge from Rs 320 to Rs 530 levels. The RSI and MACD have made a “top out” formation of their respective overbought conditions in the range of Rs 500 to Rs 535. The 50-DMA trades at Rs 476 around the recent swing low of Rs 475. CLICK HERE FOR THE CHART
Indian Oil Corporation Ltd (IOC):
The counter breached its 200-DMA at Rs 141 recently and witnessed a sharp correction towards Rs 130 levels. The RSI failed to give sustain upward direction in the past few weeks, as MACD trades below the signal line. In recent sessions, the counter has not been able to cross the Rs 140 mark. CLICK HERE FOR THE CHART