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Published on 24/04/2019 10:42:30 AM | Source: Choice Broking Pvt Ltd

Buy Oil and Natural Gas Corporation Ltd For The Target Rs.177.50 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #ONGC #Oil and Gas Sector #Trading Report #Choice Broking

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* On an hourly scale, the stock has given a breakout of its upper band of Symmetrical Triangle formation which shows stock may accelerate in coming trading sessions.

* On a daily chart, the stock has given a breakout of its range bound movement which shows further upside movement can be seen in the counter.

* Moreover, the stock is sustaining above its 200 Days Exponential moving average which signifies positive trend in the stock.

* A daily momentum indicator RSI reading is at 63.35 level with a positive crossover and trending upward which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in Approx. one week.

Recommendation

Buy Oil and Natural Gas Corporation Limited @ 161.50-163.75 SL 156.80 TGT 177.50 CMP 163.75

 

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