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ONGC was unscathed by the mauling that most stocks were subjected to last week. The stock reversed from an intra week low of Rs 860 on Tuesday. Though the stock dipped below our short- term support of Rs 870 last week, the 50-day moving average has managed to cushion the fall.

The weekly momentum indicators continue to signal a sell.

This means that investors need to continue to tread carefully till the stock price clears the resistance at Rs 940.

Hold with a stop at Rs 855.

Lokeshwarri S. K.

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