Oil prices to settle at $75-80 in 2 months, Nifty to touch 29K by March 2027, says Emkay. Here’s why

The energy sector is directly impacted by crude oil price movements. A stabilization at $75-80 suggests reduced volatility and potentially lower input costs for downstream players, while upstream producers might see some margin compression.

Monitor crude oil futures for confirmation of stabilization; consider long positions in OMCs and aviation stocks, while being cautious on pure-play upstream oil exploration companies.

For Indian markets, this story mainly matters for , RELIANCE and the Energy, Oil & Gas, Aviation pocket. The current signal is bullish, so traders should look for follow-through in price, volume, and sector breadth instead of reacting to the headline alone.

Watch whether the next market session confirms the setup described here: Lower crude oil prices generally improve refining margins and reduce input costs for OMCs like IOC, BPCL, HPCL. While lower crude prices can impact upstream exploration, it benefits its refining and petrochemicals segments. The overall Nifty bullish outlook is positive. Also track volume confirmation, sector participation, and whether the move holds beyond the first reaction.

• •Emkay Global Financial Services expects crude oil to stabilize at $75–80 within two months.
• •Emkay projects the Nifty 50 to hit 29,000 by March 2027.
• •Key drivers for the rebound in Indian equities include a potential Iran–US peace deal, easing energy pressures, and steady earnings growth.
• •The positive outlook is despite anticipated near-term macro headwinds.
• •Risk flag: Geopolitical risks (Iran-US deal uncertainty)