Hold ONGC for long term: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now talks about ONGC.

On the charts, some of these oil refining companies or anything with the oil and gas space maybe even an ONGC which is holding out?

MRPL really nothing happening there for the last 2 years almost. It has been flat between Rs 60 and Rs 100, still sideways which is not bad for a bear market. It is tending to sneak down a little bit from the lower end of the range but as far as trading or investing goes, there is not really a lot you can do with the stock which is just going sideways.

So I would not do too much here. Only thing one could do with the stock is buy it now and hope it goes back to 80 or 100 but that is just expecting a bounce in bad conditions. So that is a little risky. ONGC certainly has held out from its January lows. It has not gone below that. The market and most other stocks have. So that is looking like some demand coming in at its adjusted price of roughly 275 and in any case this is a stock that does not rise dramatically but it does not fall and it does give you positive returns. So it is a decent enough stock to hold long term in a portfolio.