ONGC broadly trading range-based: Ashwani Gujral

What is the call on ONGC?

Ashwani Gujral: ONGC has a very significant support around 250 and on the upside, it has not been able to go past 285-290. So broadly range bound but if crude gets into any kind of a boil situation, then probably 250 will go on the downside. Right now, the market, the large stocks everything seems to be in a range. Now what kind of events will lead to a breakdown of that range say the market 5256 on ONGC kind of 250-290 on Reliance, say about 920 to about 1000. So everything is doing a range till that range gets broken.

So on crude, it has broken out a long term consolidation. It was in the 75-85 band and suddenly it started hitting new highs. Anything that hits new highs, it is difficult to or rather it erroneous to predict tops on that kind of a chart. So I would caution people in predicting 120 or 125 because once something breaks out on the upside, then it has a momentum of its own.