ONGC Buy or Accumulate : Target is 1500/1750
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Ravi Chandran.K
Mar 7, 2008, 10:47:15 AM3/7/08
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Technical Report : Oil and Natural Gas Corporation
It has been perfomed well and consistent in the broader
market for quite a long peirod. The stock now trading around 950
levels and is trading below the all(60,100,200)moving averages and
currently consolidating at this levels. The 14-days RSI has also
indicating the oversold territory suggesting, no futher big selling.
The volume has increasing around this levels because investors are
advised to accumulate the stock at this levels with the long term
view. Some selling presure will be expected around the Resistance of
1100-1150 and 1300-1400 levels and the long term target is 1500/1750.
All the long positions will keep the Stoploss of 800 levels in closing
basis hope that will not be kissed.
It has been perfomed well and consistent in the broader
market for quite a long peirod. The stock now trading around 950
levels and is trading below the all(60,100,200)moving averages and
currently consolidating at this levels. The 14-days RSI has also
indicating the oversold territory suggesting, no futher big selling.
The volume has increasing around this levels because investors are
advised to accumulate the stock at this levels with the long term
view. Some selling presure will be expected around the Resistance of
1100-1150 and 1300-1400 levels and the long term target is 1500/1750.
All the long positions will keep the Stoploss of 800 levels in closing
basis hope that will not be kissed.
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