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ONGC moved lower in line with our expectation to an intra week low of Rs 868, forming an evening star pattern in the weekly chart. The 10-week ROC has slipped in to a negative zone and the 14-week RSI is poised at 50. The implication is that another poor weekly performance would lead to a fall to Rs 850 and then Rs 787.

However, the long-term investors can stay sanguine till the stock trades above Rs 780. The long-term trend line joining the troughs since 2002 positioned at that level would lend support in the event of a drastic fall.

Lokeshwarri S. K.

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