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ONGC moved lower, in line with our expectation and halted at an intra-week low of Rs 842. The 200 DMA at Rs 850 is also supporting the stock at current levels. There can be a short-term bounce that takes the stock higher to Rs 898 or Rs 932. Failure to rally above Rs 900 would signal that the stock would move lower towards Rs 840 again.

Investors can hold the stock with a stop at Rs 830. Sell signals in the weekly momentum indicators mean that the down-move can extend for a few more weeks. Move below Rs 830 can take the stock to Rs 807.

Lokeshwarri S. K.

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