Petril, diesel prices rise
After being held steady for 83 days in a row, oil marketing companies (OMCs) have now started revising prices petrol and diesel. Petrol prices on Friday crossed the Rs-80 mark in Delhi as fuel compnaies announced the 20th hike in a row. Petrol price was increased by 21 paise to Rs 80.13 per litre in Delhi. Diesel jumped by 17 paise to Rs 80.19 per litre.
In Mumbai, on the other hand, petrol prices touched Rs 86.91 a litre and diesel went up to Rs 78.51 a litre. In Kolkata, the prices were at Rs 81.82 a litre and Rs 75.34 a litre, respectively. READ MORE HERE
The development has brought OMCs
back OMCs, with most counters seeing a steady rise
since the past frew days. On Friday, most of these stocks gained around 5 per cent each in intra-day trade.
Here are the key levels for these stocks you should keep a tab on.
S&P BSE OIL & GAS:
The index is trading with a strong positive bias. The formation of “Higher High, Higher low” needs a further push above the resistance of 13,320 levels, which is its 200-days moving average (DMA). The short-term support remains at 12,200 on a closing basis, with immediate support at 12,600 levels. CLICK HERE FOR THE CHART
Hindustan Petroleum Corporation Ltd (HINDPETRO):
The counter has broken out of “Double Bottom” formation and is heading towards higher levels, as per the weekly chart. As long Rs 225 is held, the counter should witness a strong buying momentum. A rally towards Rs 257 levels cannot be ruled out, which its 200-weekly is moving average (WMA). The Relative Strength Index (RSI) has also given “Inverse Head and Shoulder” breaking pattern, which suggests that the positive momentum is likely to continue. The support remains at Rs 215 on a closing basis.CLICK HERE FOR THE CHART
Bharat Petroleum Corporation Ltd (BPCL):
The stock has witnessed selling pressure every time it moved towards the 200-DMA, which around Rs 380 levels. There is support at the 100-DMA, which is placed at Rs 365 levels. The overall trend looks bullish as the counter is continuously moving towards the resistance area. The RSI has come out of the overbought condition when it tried to cross 200-DMA. Now, 52 value remains a crucial level, for the stock. A breakdown below this may dent the upside momentum. CLICK HERE FOR THE CHART
Indian Oil Corporation Ltd (IOC):
Indian Oil needs to conquer its 100-DMA convincingly, which is currently at Rs 89 levels, to enter the next leg of upside. The downside, however, is capped at 50-DMA placed at Rs 82 levels. The overall trend looks mixed as the price movement is stable. Investors should remain cautious. CLICK HERE FOR THE CHART