Price and trend forecast of OIL for Tomorrow, Weekly, Monthly
Oil India Limited
Symbol: NSE:OIL
ISIN: INE274J01014
525.10
As on 2024-10-17
OIL's Today's Performance
Oil India Limited started the day by opening at 528.70 today 2024-10-17. Its shares reached a high of 533.50 and dipped to a low of 519.35 in intraday. When the markets closed, OIL’s stock price settled at ₹525.10 per share. Also check out its key support and resistance levels.
OIL Buy/Sell Targets
Tomorrow, sell OIL when its price reaches ₹ 525.10 with a stop-loss order at ₹ 540.00. You can set the target price as ₹ 510.20 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.
In the sections below, we will discuss detailed share price target of OIL for tomorrow's session along with weekly levels. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.
Important Down levels for OIL
| Downside Targets | Value in ₹ |
|---|---|
| Tomorrow Down Target 1 | 533 |
| Tomorrow Down Target 2 | 540 |
| Tomorrow Down Target 3 | 547 |
Important Levels for OIL
| Holding Levels | Value in ₹ |
|---|---|
| Tomorrow Up Target 1 | 518 |
| Tomorrow Up Target 2 | 512 |
| Tomorrow Up Target 3 | 504 |
Based on where the stock opens tomorrow, if OIL opens on a positive note, our first target will be ₹533. If Target 1 is achieved, we will aim for Target 2 which is ₹540.
But if OIL falls below the average value of ₹525.98, you can enter a sell side position with target number 1 - ₹518 and second target - ₹512 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.
Daily Volume chart of OIL
Looking at OIL, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.
In terms of its price, OIL has been on a Downward path, giving us insights how its value changes in the market.
Based on this, the predicted sentiment for OIL is moderate bearish.
Tomorrow's Volume based share price Forecast for OIL
OIL's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is -45%.
Reversal detection for OIL
OIL may trend may continue to be bearish since stock is making lower low and we can get target of ₹535 in morning tomorrow
| Target 1 tomorrow | 531 |
| Target 2 tomorrow | 535 |
| Target 3 tomorrow | 540 |
Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.
Combine this trend forecast with OIL's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.
Based on where the stock opens tomorrow, if OIL opens on a positive note, our first target will be ₹532.62. If Target 1 is achieved, we will aim for Target 2 which is ₹540.13.
But if OIL falls below the average value of ₹525.98, you can enter a sell side position with target number 1 - ₹518.47 and second target - ₹511.83
OIL's Weekly Targets
| 1st Up Target | 571.37 |
| 2nd Up Target | 617.63 |
| 1st Down Target | 498.42 |
| 2nd Down Target | 471.73 |
As the week for OIL ended on bearish sentiments, we can expect further continuation of this sentiment. OIL's initial target will be 571.37 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 498.42 in the upcoming week.
Weekly OHLC Values
| Open | 588.00 |
| High | 590.95 |
| Low | 518.00 |
| Close | 525.10 |
Week for OIL started with an open price of 588.00, and the close was at 525.10. OIL reached the highest of 590.95 and dipped lowest up to 518.00 last week. This indicates a bearish sentiment for the week.
OIL full month swing targets
| Monthly Up Target 1 | 644.32 |
| Monthly Up Target 2 | 690.58 |
| Monthly Down Target 1 | 425.47 |
| Monthly Down Target 2 | 325.83 |
Targets of ₹644.32 can be expected to be reached in the coming month. Once OIL achieved this target, we can aim for the next upside target of ₹690.58.
OIL if fails to hold upside, down targets of ₹425.47 and ₹325.83 can be achieved by end of this month.
For complete three weeks if OIL is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.
Related Stocks in the Same Sector as OIL
| Symbol | Name | Industry |
|---|---|---|
| RELIANCE | Reliance Industries Limited | Oil & Gas Refining & Marketing |
| ADANIENT | Adani Enterprises Limited | Thermal Coal |
| ONGC | Oil & Natural Gas Corporation Limited | Oil & Gas Integrated |
| COALINDIA | Coal India Limited | Thermal Coal |
| IOC | Indian Oil Corporation Limited | Oil & Gas Refining & Marketing |
Summary
OIL is expected to reach the target of 532.62 in tomorrow's trading session.
After achieving the initial target in OIL, we will aim for higher targets of 540.13 tomorrow.
However, if OIL starts to trade below ₹525.98, then we will shift our focus to the sell side and aim for down targets of 518.47 and 511.83.