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ONGC moved in a tight range last week emulating the other pivotals such as Reliance Industries and Tata Steel. The medium term outlook stays negative for the stock. However, the support at Rs 743 needs to be firmly breached before the stock can move lower towards the next medium targets of Rs 675 or Rs 620.

Daily oscillators point towards a small rally in the short-term. Resistances will continue to be at Rs 820 and then Rs 855.

Trading should be avoided until the stock makes a decisive move beyond either boundary of the present trading range between Rs 770 and Rs 830.

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