ONGC too moved in a very narrow band between Rs 830 and Rs 890 and ended the week with a mild loss. The short-term trend in the stock is down since the peak at Rs 922. Resistances for the week ahead would be at Rs 890 and Rs 922. Failure to move above the first resistance would result in a decline to Rs 816 or Rs 790 in the near term. 200-day moving average present at Rs 816 will be a key support from a medium term perspective. Weekly close below this level would herald a decline to Rs 740 over the medium term. This stock has retraced 38.2 per cent of the down-move recorded from the November 2007 peak. Failure to move above Rs 920 will mean that the stock can move in a wide band between Rs 600 and Rs 900 for the rest of this year.
source : businessline 27-04-09
ONGC has climbing up from 600 levels and the rise in the last month has been steep. The ideal range to buy would be Rs.725-750 for a target of Rs.1000 in 6 months time frame.
Equity Research Team
Intelligent Investor -
Invest Advisory Arm of
Ravina Consulting -Bangalore India
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