Indian Oil Corporation (IOC) stock is trading positively on both BSE and NSE. Presently (1157 am), it is hovering around Rs 664, up 2.12% on BSE and and around Rs 665, up 2.63% on NSE. There are full chances of an upside potential today.

Stock analysts have recommended the day traders to purchase the stock around Rs 671 with a strict stop loss at Rs 666. The target for the day is Rs 700.

The stock has shown a decent rise in previous trading sessions. The stock has seen a 52-week high of Rs 697.25 and a low of Rs 370 on BSE.

There is news that IOC is gearing up to venture out alone in the domestic oil and gas exploration & production (E&P) activities.

The company plans to bid as an operator for the new category of acreages - small blocks - put on offer under the seventh New Exploration Licensing Policy (NELP) round.

However, for the deepwater blocks offered in the latest licensing round, the company will hunt for a foreign partner.

In NELP VII, the government has introduced a new type of onland blocks called Type-S, covering small areas up to 200 km. For these blocks, the government has provided special dispensation in the form of waiver of technical capability criteria.

Under NELP VII, 57 oil and gas blocks, comprising 19 deepwater blocks, nine shallow water blocks, and 29 onland blocks have been put on offer. Of the 29 onland blocks, the Type-S category has nine blocks, mainly in Cambay Basin.

Most of the 19 deepwater blocks offered under NELP-VII are in less explored basins.

Other stocks in the same industry including MRPL, BPCl and RPCL are looking good for intraday trading.