Indian Oil Stock: Traders Make Bearish Bets on Oil & Gas Stocks

Traders are betting on a market rally in the July derivatives series after three months of losses. However, they aren’t as bullish on oil and gas stocks which are among the biggest laggards so far in the current series due to the announcement of export taxes and export curbs. petrol and diesel. ET takes a look at some of the best trading bets in July’s F&O series.


CMP: Rs 1,130.25

Change in OI*: 38.55%

Change in share price*: 10.35%

A technical breakthrough made Cummins India an attractive bet. “The stock has given a push for consolidation and may move closer to Rs 1,180. One can buy at current levels with a stop loss of Rs 1,100,” Chandan said.

derivatives analyst at .


CMP: Rs 72.70

Change in OI: 21.82%

Share price change: -2.09%

The weakness in the oil and gas space also had a ripple effect on Indian Oil shares (), analysts said. “The overall structure is weak and the support is at Rs 68. However, if the market rally continues, the stock could rebound to Rs 80,” Taparia said. He advises to get out of the action in the event of a rebound.


CMP: Rs 123.50

Change in OI: 57.05%

Share price change: -18.51%

The stock saw a buildup of bearish bets after the government announced export taxes and imposed export restrictions on gasoline, diesel and jet fuel. “There is a short accumulation according to the data. ONGC is in an oversold zone but the structure is weak and the stock may rise to Rs 110 if it continues to trade below Rs 130,” said Rajesh Palviya, Head of Technical and Derivatives Products at Axis Securities.

FRS
WPC: Rs 2,072

Change in OI: 38.55%

Change in share price: 10.35%

Analysts attributed the bearish bets to market talk that the United States could roll back some tariffs on Chinese consumer goods. Any reduction or removal of anti-dumping measures on HFCs will have an impact on prices, which is reflected in the company’s margins, analysts said. “The stock is trading near the critical level of Rs 2,100; if it holds below that, it can drop to Rs 1,850,” Palviya said. Motilal Oswal’s Taparia said SRF shares could fall to Rs 1,950.


CMP: Rs 2,388.10

Change of OI: 15.38

Change in share price: -8

Like ONGC, Reliance Industries has had a weak run on the stock exchange due to export taxes and restrictions on gasoline, diesel and jet fuel. “The stock is trading near its critical support of Rs 2,380 and if this is broken, it could drop to Rs 2,280-2,300. The short-term structure looks weak. Rs 2,450 is the immediate hurdle and a short cover can be seen if it holds above this level,” Palviya said.

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