Comments
Long-term investors can buy Oil and Natural Gas Corporation (ONGC) (₹286) at current levels. The stock has been in a strong uptrend since April 2020. The price action from July 2015 to November 2023 indicates an inverted head and shoulder reversal pattern. This is a bullish pattern. The strong surge since December last year has confirmed this pattern thereby turning the outlook bullish. Strong support is in the broad ₹210-₹180 region. The neckline support of the inverted head and shoulder pattern is also poised in this region. As such a fall below ₹180 will be very difficult. So, any sharp correction, if seen, will be limited to this support zone. Also, such corrections will be a good opportunity to accumulate this stock. Moving average cross overs on the chart also strengthens the bullish case. ONGC share price has potential to target ₹480 over the next two years. Long-term investors can buy ONGC now at ₹286. Accumulate on dips at ₹230. Keep a stop-loss at ₹170. Trail the stop-loss up to ₹320 when the price goes up to ₹380. Move the stop-loss further up to ₹390
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.