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ONGC followed our script very closely last week, reversing from an intra-week high of Rs 905 to fall to our first down-side target at Rs 840. Though the weekly close below the long-term moving averages and the bearish engulfing candle are ominous, the stock is poised at important support at Rs 840. A fall below this level will make ONGC fall to Rs 762 over the medium term.

Resistance for the week would be at Rs 860 and then Rs 876. Failure to rally above the first resistance will be the cue to go short with a stop at Rs 885. Investors should stay away until a bottom is ascertained.

— Lokeshwarri S. K.

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