Buy ONGC on dips: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, in a chat with ET Now, gives his stock view


What are your views on Reliance which is now knocking at about Rs 830 and an ONGC, which has actually broken past Rs 250?

Reliance did not retest its recent lows, so in that sense maybe it is forming some kind of an intermediate bottom. Once we get past this Rs 850-860 type of zone, you get set up for a retest of those Rs 900 kind of levels and that is the reason I am a little more positive because in this retest of 4700-4750, a lot of stocks did not go down to their actual lows but bounce back much earlier than before, so chances are that Reliance could participate maybe till Rs 900-925 kind of zone. Again ONGC is a bit news flow heavy type of stock, so broadly sideways. I would not think there is much beyond this Rs 250-290 type of zone, so each time it gets to 250, try to buy it. Around Rs 290, it would most likely peter out.