Let ONGC make base before you could get bullish: Ashwani Gujral, ashwanigujral.com

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com (Technical Check), in a chat with ET Now, speaks about ONGC.

ONGC, is it a stock that you would trade overnight because it is down close to a percent and a half, trading close to 273 at the low of the day, would you initiate any position on ONGC at the current levels?

Given the kind of news flow that has come and that could come even further I do not think it makes a whole lot of sense unless the stock really built some kind of base. Crude comes down and the risk of arbitrary as subsidy being imposed is totally out of the system otherwise you can get all hopeful and suddenly one fine day a fresh news time takes the stock down.

So may be still has to make a base between 250 and 260 before you could really get bullish on this.