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ONGC shot up sharply last Monday, reversing the negative outlook for the short term. It is moving in a sideways range between Rs 820 and Rs 890. The stock can stay within this range for a few more sessions.

Since this sideways move comes after a steep climb from the low of Rs 756, the medium term outlook stays positive till the stock rules above Rs 818. Rally beyond Rs 890 will give the stock the medium term targets of Rs 907 and then Rs 960. Short-term traders can buy in dips with a stop at Rs 818.

Lokeshwarri S. K.

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