Avoid Cairn and ONGC: Ashwani Gujral
A sharp decline can take Cairn down all the way to about 306.
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| Updated: Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, in a chat with ET Now, talks about Cairn and ONGC.
What is the call on Cairn and ONGC?
The last and final support of Cairn and ONGC is probably 260 and once 260 gets taken out, you should look at 230-235 and if oil continues to slip, we will see declines in most of these oil stocks. Cairn is in a very tight range now between probably Rs 6 type of range between 331 and 338 and once we break these 330-331 levels, a sharp decline can take Cairn down all the way to about 306. So both these stocks are not looking so good. I have 2 oil related stocks as shorts in my trading list. So commodities could feel the pressure in this week.
What is the call on Cairn and ONGC?
The last and final support of Cairn and ONGC is probably 260 and once 260 gets taken out, you should look at 230-235 and if oil continues to slip, we will see declines in most of these oil stocks. Cairn is in a very tight range now between probably Rs 6 type of range between 331 and 338 and once we break these 330-331 levels, a sharp decline can take Cairn down all the way to about 306. So both these stocks are not looking so good. I have 2 oil related stocks as shorts in my trading list. So commodities could feel the pressure in this week.
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