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We had expected the rally from January low in ONGC to halt around Rs 900 (38.2 per cent retracement of the previous down-move). But last week’s blitzkrieg has taken the heavy-weight to Rs 1,100 that is 61.8 per cent retracement of the slide from November 2007 peak. Needless to add that the stock attained key intermediate term target last week and the rally from Rs 614 can halt here. Conversely, a strong close above Rs 1,100 will take the stock towards its all-time high once more.

The stock can correct to Rs 985 or even Rs 915 in the week ahead. Fresh shorts should be avoided on a close below the first support. Resistances would be at Rs 1,100 and Rs 1,210. — Lokeshwarri S.K.

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