Oil exploration and production companies have seen an upward rally after being lethargic for quite a bit span and this is seen to have further momentum. Notably in a month's time only oil prices have gained by as 30 percent on both WTI futures as well as Brent crude futures:
Stocks from the oil and drilling space with further upside
The stock has broken past the technical hurdle and closed beyond 150 and 200 DMA on November 25, the stock is likely to rally to Rs. 90. The high volumes in the stock is largely responsible for the uptrend in the stock. The stock's last closing on both the exchanges was Rs. 80.8 per share.
2. Oil India:
The stock closed above its 150 day moving average and it is expected to reach Rs. 170 once the fuel prices gain to $60. And there are more drilling points discovered in respect of the commodity. Buying and accumulation in the counter was seen between Rs. 85 to Rs. 83 levels.
3. Aban Offshore:
The upside bias in the stock is between Rs. 30 and Rs. 33 levels. And the stock has already breached Rs. 27 as per the daily chart.