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We had recommended selling this stock below Rs 1,130 last week.

But ONGC bounced off a low of Rs 1,153 last Tuesday and then spent rest of the week consolidating sideways. The momentum is weak on the chart. The price is hovering just below the 200-day simple moving average, which is positioned at Rs 1,190.

A firm close beyond Rs 1,200 should be seen before fresh longs are initiated on this counter. Target beyond Rs 1,200 is Rs 1,240. Our outlook for ONGC is neutral.

Those with long positions can hold this stock with a stop at Rs 1,130. — Lokeshwarri S. K.

Lokeshwarri S. K.

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