Oil Stocks Soar: ONGC, Oil India, IOC, BPCL Surge Up to 7%; Experts Predict Future Trajectory

• Shares of oil exploration and production companies, including ONGC, Oil India, IOC, BPCL, and HPCL, saw significant gains, with some climbing up to 7% intraday.
• Oil India Ltd recorded the largest jump, rising 6.63% to ₹521.10, and is showing strong bullish continuation on technical charts, targeting ₹540-560.
• The rally in Oil Marketing Companies (OMCs) is attributed to better gross refining margins and strong Q3 profits due to falling crude oil prices, along with stable crude oil environment.
• ONGC showed a sharp bullish breakout with increasing volumes, with a potential rally up to ₹280-290 if it sustains above the ₹250-255 demand zone.
• BPCL is trading near its all-time high, showing strong relative strength, and could move towards ₹395-420 if it remains above the crucial ₹350-355 support zone.