I bought ONCG recently at Rs 170.50 level. It is trading above that. Should I hold?
HOLD ONGC WITH A STOP LOSS OF RS 166
ONGC is currently trading at Rs 168.90. Its 52-week high/low stand at Rs 212.90/Rs 152.45 made on January 25, 2018 and June 26, 2018 respectively. The stock consolidated at its 52-week low levels and also formed a double bottom kind of pattern. The stock bounced back forming a rounding pattern. Considering the weekly time frame, the stock witnessed an upbeat for three consecutive weeks, which is up to 50% retracement of the prior downward rally from Rs 191.85 to 52-week low. Hence, if the stock sustains above Rs 172.50, it may give some more upside in the near term. We suggest you to hold with a stop loss of Rs 166.