Hold ONGC at the moment: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.in in an interview with ET Now gives his perspective on ONGC.

What would you do with ONGC at a level of Rs 1183 that stock in the past week or two has been showcasing good amount of strength on the upside and has been taking down quite a few resistance levels, do you think there is scope for it to go higher is still more significant than vis-à-vis Reliance?

Yes, I should think so it has been one of the stocks that has been propping up the indices quite well though it doesn’t really have that much weightage in it anymore because both the indices have the load factor which is very small in ONGC but nevertheless its in a pretty good uptrend, its in a nice long term uptrend for several years.

It hasn’t reacted very much in bear markets and I think when the market starts feeling a little defensive they do look at ONGC a little bit so all these factors are helping ONGC along and at the moment its very much a hold and may be even a switch in a portfolio from stocks which make people uncomfortable.