Hold ONGC until it reaches Rs 1,320: Equityrush

In a chat with ET Now, Kunal Saraogi, technical analyst, Equityrush, talks about the outlook of ONGC.

ONGC has been steady Rs 1,200 to Rs 1,250 kind of levels, can it show a breakout in either direction in the near term?

ONGC has been consolidating for a while and holding on to this support level of Rs 1,230-1,220. As long as ONGC trades in this region, it is very difficult to call whether the breakout will be on the upside or the downside. But for now, the stock can be held on to the first resistance that we see at Rs 1,320, which definitely is achievable. Whether the stock can go beyond that is something that we will have to wait and see.