Crude Oil Prices Surge: Impact on Indian Stocks

Crude Oil prices have shot up by 7 per cent in the last two weeks to around $61 per barrel, after the US, the UK and the European Union imposed fresh additional sanctions on import of Russian oil.In his bid to negotiate peace deal with Ukraine, the Donald Trump-led US administration hasimposed sanctions on Russian oil giants, Rosneft and Lukoil. The sanctions freezes all US assets of these companies and prohibit American firms and financial institutions from doing business with them.According to reports, India and China were among the largest importers of Russian oil. Following the latest sanctions, Reliance Industries said it was assessing the implications of restrictions announced and will accordingly align its operations to meet the compliance requirements.Similarly, state-run refiners have also scaled back Russian oil imports and as per reports are awaiting government directions on the same.Meanwhile, here's a technical check on crude-oil related stocks in India.Reliance IndustriesCurrent Price: ₹1,484Likely Target: ₹1,600Upside Potential: 7.8%Support: ₹1,458; ₹1,433; ₹1,410Resistance: ₹1,520; ₹1,545; ₹1,570Reliance Industries stockis likely to trade with a favourable bias as long as the stock holds above ₹1,410, with near support visible at ₹1,458 and ₹1,433 levels. On the upside, the stock is likely to revisit its summit around ₹1,600 levels. Intermediate resistance for the stock can be anticipated around ₹1,520, ₹1,545 and ₹1,570 levels.ONGCCurrent Price: ₹252Likely Target: ₹300Upside Potential: 19%Support: ₹248; ₹243Resistance: ₹260; ₹284ONGC stockhas witnessed a sharp ascent post the breakout in late September. The short-term trend is likely to remain positive above ₹243, with near support seen at ₹248 levels. On the upside, the stock can rally to ₹300-mark, with interim resistance likely around ₹260 and ₹284 levels.Oil IndiaCurrent Price: ₹416Likely Target: ₹490Upside Potential: 17.8%Support: ₹408; ₹397; ₹378Resistance: ₹430; ₹445Oil India shareis seen consolidating around its 100-Day Moving Average, which stands at ₹419 for the last one month. The bias at the counter is likely to be cautiously optimistic as long as the stock holds above ₹378, with near support likely at ₹408 and ₹397 levels. On the upside, the stock can potentially surge to ₹490, with likely resistance around ₹430 and ₹445 levels.Also ReadSBI vs SBI Card vs SBI Life: Which SBI group stock can gain the most?M&M, HDFC Bank, Laurus Labs among Motilal Oswal's top growth bets; Check TPStocks to buy today: Analyst bets on Sun Pharma, Indus Towers; check whyBreakout alert: Voda Idea stock test 200-WMA on SC AGR relief; next target?Nifty 26,000, near all-time high; will market sustain at current levels?Indian Oil (IOC)Current Price: ₹155Likely Target: ₹180Upside Potential: 16.1%Support: ₹153; ₹150; ₹147Resistance: ₹159; ₹167; ₹175Indian Oil shareis seen making higher-highs and higher-lows on the daily chart since the breakout in mid-September. The near-term bias at the counter is likely to remain positive above ₹147, with interim support visible at ₹153 and ₹150 levels. On the upside, the stock can potentially zoom towards ₹180, with intermediate resistance anticipated around ₹159, ₹167 and ₹175 levels.Hindustan Petroleum (HPCL)Current Price: ₹453Likely Target: ₹517Upside Potential: 14%Support: ₹438; ₹423Resistance: ₹469; 493HPCL stockis seen trading at life-time highs. The stock can potentially soar to ₹517 levels, suggests the yearly Fibonacci chart. Interim resistance for HPCL can be anticipated around ₹469 and ₹493 levels. Near-term bias is likely to remain favourable as long as the stock holds above ₹423, with near support seen at ₹438.Bharat Petroleum (BPCL)Current Price: ₹342Likely Target: ₹390Upside Potential: 14%Support: ₹339; ₹323Resistance: ₹350; ₹370BPCL stockcan potentially surge to ₹390 levels, with interim resistance likely around ₹350 and ₹370 levels. On the downside, the stock has near support at ₹339; followed by the major support at ₹323.