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ONGC bounced higher in line with our expectation to an intra week high of Rs 891. But a strong impediment exists at Rs 900. A reversal from this level can drag the stock down to Rs 842 and then Rs 801. The 200 DMA at Rs 850 should lend support in the near term.

Sustained sell signal in the weekly chart implies the continuation of the downtrend that began in April.

A close beyond Rs 935 is required to make the medium term positive for this stock. Investors can hold with a stop at Rs 840. Target beyond Rs 840 is Rs 760.

Lokeshwarri S. K.

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