Tech View: Can high fuel prices, weak crude spark a rally in OMCs?

OMC shares traded mixed with HPCL and IOC down 1 per cent and BPCL marginally in the green

Oil Marketing Companies (OMCs) hogged the limelight in Tuesday's session after Finance Minister Nirmala Sitharaman said the Centre had little room to cut excise duty on petrol and diesel. READ MORE

Further, crude prices also remained weak, boding well for the OMC stocks. Yet, the shares traded on a mixed note. While Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) shed nearly 1 per cent each, Bharat Petroleum Corporation traded in the green on NSE in afternoon trade.

On tech charts, the Brent Crude struggled to cross immediate resistances. The recent reversal in Brent Crude prices saw