Support Levels: S&P BSE OIL & GAS INDEX

Since Sep 20204, oil & gas stocks have been in a strong downtrend. As per money control report, Foreign investors (FIIs) have turned major sellers in and significantly reduced their holdings in the financial, oil & gas, automotive, and FMCG sectors. Geopolitical tensions, elevated market valuations, and the expectation of subdued earnings growth for the September quarter all contributed to this persistent FII selling. The sell-off also came after China announced economic stimulus plans in response to its weakening economy.
Support: 29300, 28390