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ONGC was also struck by the strange malaise that paralysed most of the pivotals last week. The movement since the June 2006 lows is charting a double three, two flats separated by a `x' wave. As mentioned last week, the move from June lows can end around Rs 930. But if it extends, the stock can rise to Rs 994. Fresh purchases should be made only on a rally beyond Rs 940. The 50-day moving average positioned at Rs 873 should act as a good short-term support for this stock. Hold your longs with a stop at Rs 870.

Lokeshwarri S. K.

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