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Oil India’s second-quarter profit surged more than five times to Rs 1,834 crore in this financial year from Rs 325 crore a year earlier on an exceptional provision last year.The company’s revenue declined 7% year-on-year to Rs 5,519 crore in the July-September period. Profit before exceptional items and tax fell 10% to Rs 2,305 crore for the quarter. The company had provided for an exceptional item of Rs 2,363 crore in the year-ago quarter.Its operating margin fell to 30.4% from 34.9% a year earlier.Oil India’s operating profit on both oil and gas sales fell from a year earlier. Operating profit in oil fell 23% to Rs 1,467 crore and in gas by 25% to Rs 571 crore.Ahead of the earnings announcement, Oil India shares closed 4.87% higher on the BSE on Tuesday, when the benchmark Sensex ended 0.88% higher.The company declared an interim dividend of Rs 3 per share, which will be paid by December 4.

Nifty ended Tuesday's session 218 points higher to form a Piercing Line candle on the daily chart around its 150-day exponential moving average (DEMA) support to indicate strength.The underlying short-term trend of Nifty is on the verge of reversal. A decisive move above 24,500 levels could open fresh upmove in the market. Any weakness from here is expected to drag Nifty down to 23,900-800 levels again, said Nagaraj Shetti of HDFC Securities.In the derivatives market, open interest (OI) data showed the highest OI on the call side at the 24,500 and 25,000 strike prices, while the put side registered peak OI at the 25,000 level.What should traders do? Here’s what analysts said:Rupak De, Senior Technical Analyst, LKP SecuritiesNifty has found support around a historical swing low for the second consecutive day. On the technical front, a Piercing Line candlestick pattern has appeared on the daily chart, suggesting a potential bullish reversal. Additionally, a positive divergence on the daily RSI further strengthens the case for an upward move. Looking ahead, a buy-on-dips strategy could benefit traders as long as Nifty stays above 24,000. On the higher side, Nifty may advance toward the 24,750-24,800 range. However, the buy-on-dips strategy has to be reviewed once Nifty falls back below 24000.Jatin Gedia, SharekhanA reach above the 24368 would confirm that the trend has reversed. The daily momentum indicator has a positive crossover which is a buy signal. Thus, there are signs of a near term reversal note however it shall be confirmed only above 24368.Hrishikesh Yedve, Asit C. Mehta Investment InterrmediatesAccording to the piercing line candlestick pattern, if the index crosses 24,320, the short-term pullback rally may extend to 24,500-24,600 levels. The short-term trend is down, but as long as 23,890 support holds, a relief rally may be feasible.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)