Buy ONGC; target 1600: Somil Mehta
"ONGC, all the oil companies actually, BPCL, HPCL, ONGC, Essar Oil, have started a new cycle on the upside and it is making a higher top higher bottom."
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| Somil Mehta, Sr. Technical Analyst, Sharekhan in an interview with ET Now talks about ONGC.
What about ONGC? It really has not moved too much but has started to probably make a move. A couple of percentage points in today’s session as well. Can it go beyond 1400?
Somil Mehta: Absolutely. ONGC, all the oil companies actually, BPCL, HPCL, ONGC, Essar Oil, have started a new cycle on the upside and it is making a higher top higher bottom. Volumes are extremely good and this is a sector to be in right now and the short-term and the medium-term target for ONGC would be around 1600 and with a stop loss of 1320.
What about ONGC? It really has not moved too much but has started to probably make a move. A couple of percentage points in today’s session as well. Can it go beyond 1400?
Somil Mehta: Absolutely. ONGC, all the oil companies actually, BPCL, HPCL, ONGC, Essar Oil, have started a new cycle on the upside and it is making a higher top higher bottom. Volumes are extremely good and this is a sector to be in right now and the short-term and the medium-term target for ONGC would be around 1600 and with a stop loss of 1320.
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