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The positive short-term trend was nullified by the sharp decline recorded last Tuesday. The stock could move lower to Rs 621 or Rs 598 in the near term. But the key long-term support band between Rs 570 and Rs 600 will continue to attract buyers. Long-term investors can use declines to buy the stock with a stop at Rs 550.

Short-term resistance for ONGC would be at Rs 728 and then Rs 738. Short-term traders can initiate fresh short positions on a reversal from either of these levels with a stop at Rs 750.

Key medium-term resistance stays at Rs 800 and risk-averse investors can wait for a weekly close above Rs 800 before buying it.

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