ONGC can cross Rs 1,230: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, shares his views on the outlook of ONGC.

Why is ONGC outperforming and can it outperform more?

ONGC is outperforming probably because crude oil is going up, but it is not my job to say why. Rs 1,100 is a decent support for ONGC and probably we could see rallies back towards about Rs 1,230 on ONGC. May be some money is moving out of Reliance and into ONGC. Once we cross Rs 1230, we could see another Rs 50-60 but Rs 1,230 will be a strong resistance if somebody entered yesterday, Rs 1,230 would be a level he would look to exit.