Stock in News: Govt. to Divest Stake in ONGC, We are Bullish on ONGC Stock

Oil & Natural Gas Corporation Ltd. is one of the largest oil & gas exploration company in India. It is listed on both the major stock exchanges in India i.e NSE and BSE, date of listing was 19 July 1995. Since the listing of this company we have seen the strong growth in its operations and has created the value to its share holders. Let us see how small investors can enter this stock for the longer term view, seeing the technical charts we can conclude that there is a clear uptrend. So taking pure advantage of this uptrend we will be looking for the buying opportunities in ONGC stock as the uptrend continues. Buy entries can be timed by the slow stochastic on lower time frame chart, so our entries can be triggered near 255 levels and longer term target for this buy positions can be 330 level. Also the short term targets are 291. We will also advice to keep the stop losses below the 245 level.

Strong fundamentals of the company are key factors to drive the stock in the longer term, we have seen the company posting very good results in the every quarter and even in the time of recession. So we will also advice investors to stay invested in the company and drive along with its growth. Even the traders can take positions in F&O contracts of ONGC as well and can roll over to the next month’s position in the series expiry.