Oil India share price hits 52-week high for the second session; should you buy, sell or hold?
Oil India share price continued its upward trend and touched 52-week high for the second consecutive session on Thursday after the company posted a 4% rise in its net profit for the quarter ended June (Q1FY24) on the back of increased production, which offset a fall in price. Oil India share price today opened at ₹279.50 apiece on BSE. Oil India shares touched intraday high of ₹279.95 and low of ₹275.10.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, there's no major traction in today's session, but yesterday there was strong traction in prices from lower and volumes were as well above average. 270 - 275 is a breakout levels, if prices sutain above it then prices can extend toward 300 in near term 260 is support. "Oil India stock price had been in an uptrend as prices are trading above the supports intermediate declines have witnessed buying interest.
The support is placed around ₹260," added Ruchit Jain, Lead Research Analyst at 5paisa. According to a statement released by the company on Tuesday, the net profit for the first quarter of Q1FY24 was ₹1,613.34 crore as compared to ₹1,555.49 crore in FY23. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin improved by 19.51% to 53.49% for the fiscal year that ended June 30, 2023 from 44.76% in the prior comparable period.
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