Technical Pick – ONGC
• ONGC Ltd is finding support at 170 and resistance above 172.
•On Daily chart,Break and sustain above 172 will see nonstop rally till 175---180++ in weeks to come.
•ONGC Ltd has been trading in a broader range of 133---315 for last one year.
•RSI and MACD too showing positive divergence which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 175---180++ mark in coming weeks.
For positional trade, stop loss seeing below 170 on closing basis which in unlikely to breach in near terms.
Trading Recommendation (16 Oct 2017)
Buy ONGC above 172 and for the initial upside target of 175--180++ mark with stop loss below 170 on closing basis.
More will update soon !!
