Oil India Ltd. Trading View For Short Term
Oil India Ltd CMP is 211. We expect a short term jump in across board oil marketing firms. They have been falling on the back of rising crude oil prices and general market decline over the last 6 months.
Oil India Ltd’s is coming out with good results, and so we believe with the other OMCs as well. There is also a great case for technical bounce back from the continuous decline and oversold situation. We recommend to play with Call and Put options rather than futures which is more safe, strategic and profitable, with positional view. With the decisive attire of the central government to not pile up subsidy losses in OMCs and the easing of crude oil prices, we believe that OMCs are likely to stay neutral to positive from this levels onwards. Even trying to touch its nearby resistance of 50 and 100 DMA on daily charts; OIL can go to 220, 230 levels.
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