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The flat weekly close of ONGC does not reflect the choppiness that was witnessed in this stock last week.

The price hit a high of Rs 895 on Monday before weakening to Rs 840 on Wednesday.

The medium-term outlook continues to be positive in this stock. We can, however, expect to see some more consolidation in the band between Rs 840 and Rs 900 before we have a rally to Rs 903 or Rs 931 levels. Stops for long positions have been revised to Rs 828.

Lokeshwarri S. K.

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