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ONGC made an attempt to move higher last week but it under-performed in the rest of the markets. The harami pattern on the weekly candlestick chart is inconclusive. The short-term down trend that began from Rs 970 continues to hold sway. A close above Rs 945 is required to make the short-term outlook neutral. Inability to move above Rs 930 will drag the stock lower towards Rs 856 and then Rs 836.

The medium term outlook for the stock will stay positive till it stays above Rs 836. Investors can hold the stock with a stop at Rs 830.

Lokeshwarri S. K.

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