The strong spurt in ONGC on Monday made the stock rise beyond Rs 700. But the stock continues to grapple with the resistance at Rs 736.
As explained in our last column, we retain a cautious outlook as long as the stock remains below this level. Supports for the week would be at Rs 636 and then Rs 615.The medium-term view for ONGC stays negative.
A strong push past Rs 750 would make this view positive.
The resistances to watch over the next three months are at Rs 800 and then Rs 866. The long-term outlook will turn positive only on a close above the second resistance.
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