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The price of ONGC is still struggling with the short-term resistance at Rs 1,250. We maintain that fresh positions should be initiated only on a breakout above Rs 1,250. Ten-day ROC is diverging negatively and giving a sell signal. Fourteen-day RSI is also giving a sell signal. This indicates slow down or lack of momentum in the short term.

Weekly chart is, however, positive. Looks like a running correction with an upward breakout target of Rs 1,360 and then Rs 1,463. Buy in dips with a stop at Rs 1,100.

Lokeshwarri S.K.

(This article was published in the Business Line print edition dated August 20, 2006)
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