Indian Oil Corporation (IOC) – Cup Breakout with Fundamental Strength!

📊 Technical View IOC has formed a well-defined Cup pattern, with a neckline near ₹155–156, now being tested for breakout confirmation. A decisive close above ₹156 with volumes can unlock potential toward ₹168–172 in the short term. Elliott Wave structure suggests the completion of a multi-month corrective phase and the start of an impulsive leg. MACD shows bullish momentum continuation with no visible bearish divergence — indicating healthy trend strength. AVWAP from prior highs near ₹155 has acted as resistance but is likely to flip into strong support post breakout, confirming a positive shift in sentiment. 📈 Fundamental View IOC remains one of India’s largest and most efficient downstream oil companies, benefiting from stable refining margins and strong fuel demand recovery. The company’s ROCE has improved steadily, supported by operational efficiencies and lower leverage. Consistent dividend payouts and robust cash flows make it an attractive pick for long-term investors. IOC’s expansion into petrochemicals, green hydrogen, and EV infrastructure adds strategic growth drivers for the coming decade. ✅ Conclusion: IOC is on the verge of a Cup breakout, supported by both volume and fundamentals. Sustained trade above ₹156 can target ₹170+, while ₹140 remains a key support zone.