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Lokeshwarri S. K.

ONGC sailed past our first medium-term target of Rs 907 and is now headed towards Rs 960. The move from the low of Rs 753 in March seems like the third part of the move that began in June 2006. The targets of this wave are Rs 949 and then Rs 1,071.

Since the previous intermediate-term high was also recorded at Rs 938 in January 2007, be on the watch for a sudden reversal till this level is surpassed.

The supports for the week exist at Rs 885 and then Rs 862.

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