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ONGC put in a strong performance last week but the Friday’s sell-off wiped out most of these gains. Low volume accompanying the fall is a negative signal. Daily and weekly momentum indicators are denoting weakness in the stock. The stock has reversed from the medium term resistance at Rs 947, indicated last week. The stock is expected to move lower to Rs 840 or Rs 803 over the medium term. But a close above Rs 950 will negate this outlook.

Traders can use short-term rallies to short the stock with a stop at Rs 935. Investors can hold the stock with a stop at Rs 780.

Lokeshwarri S.K.

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