Olive oil and its variants ain't any good for Indian cooking for these have comparatively lower smoking point.
Mustard oil has ideal fat composition (mono and poly - unsaturated) and ideal smoking point (for Indian cooking) but has high %age (around 42%) of Erucic acid, which is not approved in Western countries, for USA conducted tests on rats and found that this acid had negative impact on their hearts..but no such study conducted on human beings...so inconclusive.. But still be wary, since Mustard oil is approved for only external use in Western countries.
Another is rapeseed oil (Canola) which has negligible Erucic acid content..but it compromises on %age of other good essential contents contained in mustard oil.
However, Indian Agricultural industry has recently come out with a variety of mustard oil which has less than 2% of Erucic acid and still retains all other nutritional constituents contained in mustard oil..it is known as Pusa Mustard-30...but claims not verified scientifically yet
All in all, I will recommend mustard oil or its healthy variant.