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This stock was unable to surpass the resistance offered by the 50-day moving average and moved to the lower end of its short-term trading band at Rs 640.

Immediate support for ONGC is at Rs 615. If this level is breached, next target would be at Rs 540.

The medium-term trend in the stock is down since the November peak at Rs 810. Continuation of this move can pull the stock below Rs 600 once more.

However, the long-term support in the band between Rs 550 and Rs 600 should cushion any sharp declines in the near future. Long-term investors should accumulate the stock in the band between Rs 550 and Rs 600.

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