Oil marketing Companies

Oil prices have more than doubled from a low of 32.4 dollar a barrel in December last year (2008).
Oil prices were trading above 72 dollar last week.

The oil (petrol and diesel) prices have already increased in India.

Going further if the oil prices continue to fall then the stocks of the oil marketing companies are expected to move up.

The following are few oil marketing companies which are expected to move up.

ONGC - Current price - 1136, Target price - 1250.

Hindustan Petroleum - Current price - 331, Target price - 360.

IOC - Current price - 562, Target price - 620.

Following are the technical charts for above stocks

Some concerns

1.If oil prices increases then the stock prices of these companies will fall.

2.If government reduces oil prices then the stock prices of these companies will fall
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Note – Though the following stocks have achieved the targets, even there are chances to buy these stocks at current levels and hold for 5 to 10% profit for short term like two to four months. (updated -12 Aug 09)
Short term Investor
Updated on 5 July 2009
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