Ihave Oil and Natural Gas Corporation (ONGC) shares. My purchase price is ₹248. Shall I continue to hold the stock or exit?

Krishnan

ONGC (₹246.25): The long-term outlook is bullish. The downtrend that has been in place since August last year seems to have ended and forming a base. Strong support is in the ₹220-200 region. Resistances are at ₹260 and ₹275. A decisive break above ₹275 will confirm the trend reversal. That will have the potential to take ONGC share price up to ₹480.

But please note that this rise may take at least another two years. If you can wait for another two years, then buy more at ₹230. Keep the stop-loss at ₹176. Trial the stop-loss up to ₹280 as soon as the stock goes up to ₹340. Revise the stop-loss higher to ₹360 and ₹410 when the price touches ₹420 and ₹460 r

See Full Page