Oil India Drops As Crude Slips Below $70: SEBI RA Sees Buying Opportunity Near ₹440 Support

Oil India shares fell nearly 5% on Tuesday as global crude oil prices slipped below $70/barrel on easing geopolitical tensions in the Middle East. 

U.S. President Donald Trump announced a ceasefire between Iran and Israel in the early hours of Tuesday. In a recent post on Truth Social, Trump said that the “ceasefire is now in effect” and urged both nations not to violate it. 

Neither Iran nor Israel has officially confirmed the agreement announced earlier by Trump on ending the conflict. As OPEC's third-largest crude producer, easing tensions would help Iran export more oil and reduce supply concerns. 

SEBI-registered analyst Financial Independence observed that Oil India shares have witnessed a healthy uptrend in recent months, surging from sub-₹380 levels to a recent high of ₹490. 

After a strong rally, the stock is taking a breather and signaling a short-term pullback. Despite the dip, they believe that the structure remains positive, with higher highs and higher lows in place. 

The 9-day Simple Moving Average (SMA) volume confirmed rising interest, and the Relative Strength Index at 54.41 reflected a balanced setup with more room for continuation.

Financial Independence believes that a rebound from the support levels of ₹440–₹445 could trigger fresh momentum toward ₹475–₹495. On the downside, they pegged key structural support at ₹430.

A fall in crude oil prices is considered negative for upstream oil companies like Oil India and ONGC. 

Oil India shares have gained over 4% year-to-date (YTD).

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