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Oil and Natural Gas Corporation Limited too meandered sideways retaining the positive short term outlook.

A short-term trough appears to have been formed at Rs 615 and this move can extend to Rs 740 or Rs 812.

Fresh longs can be initiated once the stock moves past the first resistance. Supports will be at Rs 615 and Rs 598.

The third part of the corrective wave since the October 27 trough appears to be in motion now.

The formation of a higher bottom is a positive.

The target for this wave is Rs 810 and then Rs 890. Key medium term resistance is between Rs 800 and Rs 900.

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