ONGC moved in line with our expectation, racing to the band between Rs 810 and Rs 820 and then turning hesitant at that level. As discussed in our last column, there are numerous hurdles in this band in the form of the long-term 200-day moving average, the target of the up-move that began from October 27 trough and the upper end of our medium-term trading range. A reversal from here can pull the stock lower to Rs 750 or Rs 708. Short-term traders can continue to buy in declines as long as the stock trades above the first support. The stock is currently at a key medium term resistance level. A close above this level can take ONGC to Rs 867 or Rs 950. Lokeshwarri S. K. businessline 29-03-09
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