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Stocktwits - Shares of Hindustan Petroleum Corporation Ltd (NSE:HPCL) may be poised for a technical bounce, according to SEBI-registered analyst Suryansh Singh Chandel, as easing crude oil prices reduce cost pressures on India’s state-run oil marketing companies.
At the time of writing, shares of Hindustan Petroleum Corp Ltd were up 3.1% at ₹405.45.
Chandel said the stock has shown momentum on both the daily and 15-minute charts, breaking above its 200-exponential moving average (EMA) on the intraday timeframe alongside a positive average directional index (ADX) reading.
On the daily chart, he added that HPCL remains near a key support zone and has responded positively so far. A continuation of the move could depend on favourable developments in global markets.
Oil prices sank on Tuesday to their lowest in over a week as US President Donald Trump said Israel and Iran had agreed to a ceasefire.
Brent crude futures lost $2.08, or 2.9%, to $69.40 a barrel by 0330 GMT after falling over 4% earlier in the session to its lowest since June 11.
US West Texas Intermediate crude lost $2.03, or 3%, to $66.48, after briefly falling 6% to its lowest since June 9.
Trump said Iran would begin the ceasefire immediately, followed by Israel after 12 hours, with the conflict officially ending after 24 hours if peace holds.
The steep drop in crude prices could lift marketing margins for Indian oil retailers like HPCL, Bharat Petroleum (NSE:BPCL) and Indian Oil Corporation (NSE:IOC), which often absorb pricing pressures when international oil markets are elevated.
HPCL shares have declined 2.2% over the past month, and 1.7% so far this year.