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ONGC reversed lower from the resistance at Rs 810 to decline towards our first support at Rs 700. The short-term trend in the stock is currently down and the stock could decline towards Rs 675 or Rs 640 in this period. Short-term traders can hold their longs as long as the stock holds above Rs 640. Resistances for the week ahead would be at Rs 760 and Rs 810.

The medium-term view too stays positive. We reiterate that a long-term trough is possible in the zone between Rs 500 and Rs 560.

However, the bearish engulfing candlestick in the weekly chart denotes that the near-term can be volatile for the stock as it consolidates in the band between Rs 650 and Rs 800.

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