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Price and trend forecast of OIL for Tomorrow, Weekly, Monthly

Oil India Limited

Symbol: NSE:OIL

ISIN: INE274J01014

471.20

As on 2024-10-30

293.21 (52W Low) 767.90 (52W High)

OIL's Today's Performance

Oil India Limited started the day by opening at 482.70 today 2024-10-30. Its shares reached a high of 487.95 and dipped to a low of 468.60 in intraday. When the markets closed, OIL’s stock price settled at ₹471.20 per share. Also check out its key support and resistance levels.

OIL Buy/Sell Targets

Tomorrow, sell OIL when its price reaches ₹ 471.20 with a stop-loss order at ₹ 481.08. You can set the target price as ₹ 461.33 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 1 483
Tomorrow Down Target 2 495
Tomorrow Down Target 3 503

Important Levels for OIL

Holding Levels Value in ₹
Tomorrow Up Target 1 464
Tomorrow Up Target 2 457
Tomorrow Up Target 3 445
Based on where the stock opens tomorrow, if OIL opens on a positive note, our first target will be ₹483. If Target 1 is achieved, we will aim for Target 2 which is ₹495.

But if OIL falls below the average value of ₹475.92, you can enter a sell side position with target number 1 - ₹464 and second target - ₹457 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 Decreasing 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 Decreasing 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

Predicted trend chart of OIL tomorrow for price forecast
OIL may trend may continue to be bearish since stock is making lower low and we can get target of ₹480 in morning tomorrow
Target 1 tomorrow483
Target 2 tomorrow488
Target 3 tomorrow495
 

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 ₹483.23. If Target 1 is achieved, we will aim for Target 2 which is ₹495.27.

But if OIL falls below the average value of ₹475.92, you can enter a sell side position with target number 1 - ₹463.88 and second target - ₹456.57

OIL's Weekly Targets
1st Up Target 486.03
2nd Up Target 500.87
1st Down Target 462.28
2nd Down Target 453.37

As the week for OIL ended on bearish sentiments, we can expect further continuation of this sentiment. OIL's initial target will be 486.03 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 462.28 in the upcoming week.

Weekly OHLC Values
Open 479.60
High 491.95
Low 468.20
Close 471.20

Week for OIL started with an open price of 479.60, and the close was at 471.20. OIL reached the highest of 491.95 and dipped lowest up to 468.20 last week. This indicates a bearish sentiment for the week.

OIL full month swing targets
Monthly Up Target 1 509.78
Monthly Up Target 2 524.62
Monthly Down Target 1 438.53
Monthly Down Target 2 405.87

Targets of ₹509.78 can be expected to be reached in the coming month. Once OIL achieved this target, we can aim for the next upside target of ₹524.62.

OIL if fails to hold upside, down targets of ₹438.53 and ₹405.87 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 483.23 in tomorrow's trading session.

After achieving the initial target in OIL, we will aim for higher targets of 495.27 tomorrow.

However, if OIL starts to trade below ₹475.92, then we will shift our focus to the sell side and aim for down targets of 463.88 and 456.57.