Oil India – Technical Outlook Based on SMC Method

According to the SMC method, Oil India is currently approaching a potential supply zone near ₹494.05. A break of structure (BOS) will be confirmed if demand overcomes supply at this level, targeting ₹523. After reaching this target, a 50% retracement (between ₹495–₹500) could present a re-entry opportunity, marking a bullish continuation scenario.

An alternative bullish setup may emerge if the stock takes support at ₹448.25 and shows signs of reversal or positive momentum, offering a favorable buy opportunity.

However, failure to hold above ₹448.25 would signal weakness, potentially pushing the stock down towards ₹420. This indicates a bearish-to-sideways outlook, with ₹420 acting as a critical support level to monitor for either a breakdown or a reversal.

Technical Indicator Insight:
As of 19.06.2025, the Williams %R (14) is at -18.36, indicating strong bullish momentum. Nevertheless, confirmation through a breakout above ₹494.05 is essential before initiating aggressive long positions.

Expected Price Behavior on Daily Timeframe:
Potential for either a gap-up followed by continued bullish movement, or gradual bearish price action until support zones like ₹448.25 or ₹420 are tested.

Bullish Scenario:

Break above ₹494.05 confirms BOS → Target ₹523
Re-entry zone: ₹495–₹500 (50% retracement)
Alternate buy: Support at ₹448.25 with bullish signals

Bearish Scenario:

Breakdown below ₹448.25 → Target ₹420
Sideways to bearish bias until price action confirms direction

Technical Indicator:

Williams %R (14) at -18.36 on 19.06.2025 → Bullish momentum
Breakout above ₹494.05 needed for confirmation

Expected Moves:

Possible gap-up with continuation or gradual decline to support levels (₹448.25/₹420)

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