Trade Idea of The Day - Oil and Natural Gas Corporation Ltd Target Rs.8 - Religare Broking Ltd
Oil and Natural Gas Corporation Ltd
BUY 30 MAR 270 CALL SELL 30 MAR 280 CALL Oil and Natural Gas Corporation Ltd Entry Range 2.5 – 3 Target Range 8 Stop Loss 0.80
Rationale
* On the daily chart ONGC shows a strong bullish reversal from lower levels, forming a higher low structure, indicating a potential trend shift on the broader timeframe.
* The recent price action witnessed a resilience near the 260 mark, which has aligned with the 50-DEMA highlights improving price strength, with dips likely to attract buying interest.
* MACD histogram traded in a positive trajectory on the weekly timeframe, which has signals strengthening momentum and suggests the beginning of a medium-term uptrend.
* RSI trading near the 50 mark, reflecting healthy momentum without being overbought, supporting further upside potential. The overall, the setup favours a buy-on-dips approach, with the trend gradually turning positive.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
