Trade Idea of The Day - Oil & Natural Gas Corporation Ltd Target Rs.11 - Religare Broking Ltd
Oil & Natural Gas Corpn Ltd
BUY 23 NOV 230 CALL Entry Range 4 – 4.5 Target 11 Stop Loss 1
Rationale
• ONGC has exhibited a bullish continuation after recovering from its recent swing low near the 220 zone. The stock has settled the last week with gains of more than two percent, indicating improving buying interest and a gradual recovery in price momentum.
• On the technical front, ONGC has reclaimed its 20-DEMA, currently placed near 225, signalling a potential improvement in short-term sentiment. Sustained trading above this average could strengthen the ongoing recovery and support further upside.
• The stock is now positioned for a potential retest of its 50-DEMA near the 232-235 zone, which remains the immediate resistance zone. A decisive breakout above this level could confirm a stronger bullish reversal and attract fresh buying interest.
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