fall in oil prices has reduced fear that oil marketing companies may be asked to share fuel subsidy burden. In October, the government had cut excise duty on petrol and diesel by Rs 1.5 per litre and asked OMCs to subsidise the two fuels by Rs 1 per litre. Analysts see more upside in BPCLNSE 4.10 %. “BPCL may see some more up-move. It has support near Rs 282 and upside till Rs 309. If it goes above Rs 309, it can go up to Rs 330,” said Chandan Taparia, derivative analyst, Motilal Oswal.

The near-term prospects for the companies which have their fortunes tied to crude oil prices look bright.
Oil marketing, paint, and aviation sector companies are slowly seeing the tide turning in their favour as crude oil prices — a key factor for their businesses — have fallen 20 per cent from their recent highs. Derivatives data show traders are covering short positions and adding bullish bets in these stocks, while in the cash market these stocks have surged as much as 13 per cent so far in the November derivatives series. The near-term prospects for the companies which have their fortunes tied to crude oil prices look bright as many of them had fallen sharply in the recent market correction, analysts said. ET takes a look at five such oil price movement-linked stocks which derivative analysts are bullish on and details their outlook in the near term: