Enjamuri flagged supportive technical indicators and macro tailwinds that could sustain IOC’s upward trend in the near term.

Shares of Indian Oil Corp. (IOC) have formed a bullish structure on both daily and weekly charts after breaking out above ₹145.04 with strong volumes, according to SEBI-registered analyst Harika Enjamuri. 

She noted the stock closed at ₹148.56 and maintains a positive bias above ₹139, supported by key moving average crossovers and strong momentum indicators.

Enjamuri highlighted that the Relative Strength Index (RSI) stands at 75.07, indicating strong momentum though approaching overbought territory. 

The stock has crossed its 9, 70, and 100-day exponential moving averages (EMAs), which now act as support.

Immediate resistance lies at ₹153.43 and ₹159.91, with deeper support seen at ₹139.20–₹136.00. A breakdown below ₹129.40 would negate the bullish setup.

At the time of writing, IOC shares were trading at ₹148.20, down 0.24% on the day.

On the earnings front, IOC posted a sharp fourth-quarter (Q4) FY25 rebound, with net profit rising 152% sequentially to ₹7,265 crore and earnings per share improving to ₹5.14 from ₹2.03. 

Operating profit nearly doubled to ₹13,572 crore, lifting operating margins to 7% from 4%, aided by lower expenses despite flat revenue of ₹1.94 lakh crore.

However, Enjamuri cautioned that the full-year FY25 performance showed pressure. 

Net profit fell 67% YoY to ₹12,962 crore, operating profit halved, and operating profit margin (OPM) shrank to 4% from 9%, despite only a slight decline in revenue. 

Elevated interest costs of ₹8,732 crore and depreciation expenses of ₹15,284 crore weighed on margins.

She added that easing crude prices from an expected reversal in OPEC+ output cuts in Q3FY26 could support refining spreads and inventory gains, offering a macro tailwind for IOC.

On Stocktwits, sentiment was ‘bullish’ amid ‘high’ message volume.

IOC shares have risen 8.1% so far this year.

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