Shares of Oil India are up another 4.5% on Friday, January 3, and have extended their gains for the fourth straight session.

The stock has gained 15% during this four day stretch, of which, 12% have come in the first three trading sessions of 2025.

Shares had gained 6% on Thursday and another 1.5% on Wednesday as well.

A key trigger behind the rise in shares of Oil India and its upstream PSU peer ONGC is the renewed rise in brent crude oil prices. Shares of ONGC are also trading with gains of over 4% after brokerage firm Jefferies said that the correction seen in its stock price is overdone. You can read more on that here.
Brent crude is now trading near $76 per barrel and is now at the highest level in two months. WTI crude is also trading above the $73 per barrel mark.

Crude inventories remain well below the seasonal average after stockpiles dropped for a sixth straight week. Oil prices are also on track for their second straight weekly advance.

Oil India turned out to be the best performing stock on the Nifty PSE index in 2024 with gains of 74%. This outperformance came despite the stock correcting 45% from its peak.

“Oil India recently rebounded from a key support level around ₹420 and is now trading near ₹486. The chart also reveals a bullish divergence on the daily timeframe, signalling a potential upward move toward the ₹580 mark. However, a daily close above ₹490 is critical to confirm a sustained rally. If this level is surpassed, it could trigger further bullish momentum. Meanwhile, support is expected near ₹450, offering a cushion for any short-term pullbacks, with immediate resistance positioned at ₹490. Traders should monitor these levels closely, as breaking above ₹490 could pave the way for the next leg of the uptrend toward ₹580,” Jigar Patel of Anand Rathi said.

Out of the 20 analysts that have coverage on Oil India, 16 of them have a “buy” rating on the stock, one has a “hold” rating, while three of them have a “sell” call on the stock.

Shares of Oil India are trading 4.6% higher on Friday at ₹485. The stock is still down 37% from its peak of ₹767.