How to trade RIL, ONGC, Oil India post cut in windall tax? Find out

While the underneath trend seems positive, Reliance, ONGC and Oil India need to sustain above the major support levels for further gains.

Shares of Reliance Industries, ONGC and Oil India were in the limelight on Wednesday after the government cut windfall tax on domestic crude oil production from Rs 23,250/ tonne to Rs 17,000/ tonne. The government also reduced additional excise duty on exports of diesel and ATF by Rs 2/litre and additional excise duty on petrol has also been removed.
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On July 01, when the government annoucned the windfall tax levy, Reliance Industries recorded its biggest fall of the year 2022. The stock tumbled over 7 per cent. Similarly, ONGC and Oil India plunged 13