ONGC looks weak on charts: Rajat Bose

In a chat with ET Now, Rajat Bose, rajatkbose.com talks about ONGC.

You heard the news on ONGC, there has been an oil spill at the Bombay High rig of theirs, even after you factor in such likelihoods that the company could face going forward, what would your view on that stock be?

ONGC looks weak on the charts. Market may take it down to below 1100 levels possibly. 1080 is a good support area, 1080 to about 1075. If that support gets broken decisively, then you can expect further downside here but whether this oil spill story gets over or something as it is whenever there is any kind of a rally something like 1200 to about 1230, in that zone you will find enough supply pressure coming in and the stock is forced down. Unless it clears 1200 to 1225 decisively, do not expect any major move on the upside. On the other hand, people would be using those rallies to exit this counter and come ONGC below 1080, it can fall much further to even below 1000 levels.