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Oil Stocks Outlook For The week – 05 to 09.02.2018

Oil Stocks Outlook For The week – 05 to 09.02.2018


             Equity Cash/Futures/Options Segment 

 The shares of state-owned refiners--Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are expected to consolidate next week. Despite robust fundamentals, the near-term trend for these stocks remains subdued on technical charts. Cues from the broader market and movement in international prices of crude oil are also expected to have a bearing on stocks of oil companies. Prices of crude oil on global and domestic exchanges are likely to rise next week due to continued compliance with the output cut agreement between Organization of the Petroleum Exporting Countries and other major oil exporters. However, high oil production in the US may cap gains. A rise in oil prices will be a positive for stocks of upstream companies such as Oil and Natural Gas Corp and Oil India. As for the broader market, domestic benchmark indices are seen opening down due to weak cues from global markets and as sentiment is expected to remain sour after the Union Budget for 2018-19 (Apr-Mar) re-introduced long term capital gains tax on equity investments. 

Source : Cogencis Information Services Ltd.

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