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ONGC remained confined to the range that has held the stock over the last two weeks. Our view on this stock stays unaltered. The short-term trend is down and the stock is expected to move lower to Rs 867 and then Rs 846 in the short term.

The momentum indicators in the daily and weekly charts corroborate this view. The medium term outlook for the stock will stay positive till it stays above Rs 836. Investors can hold the stock with a stop at Rs 830. Resistance for the week would be available at Rs 945. Move past Rs 945 will take ONGC to Rs 990 again.

Lokeshwarri S.K.

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