ONGC will remain in a range of 260-285: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com gives his views on various stocks.

ET Now: What is your call on ONGC?

Mitesh Thacker: ONGC has been bit of enigmatic in the nature and probably driven by news flows. I was expecting weakness but then the stock managed to hold on. There were some positive news. The stock capped up but on the upside, 280-285 is a technically an important level. The stock in the short term is not showing any signals to be able to cross that. So upsides are capped.
We are not getting any downsides but the stock clearly remains broadly in a range of 260-285. If that is broken, there is a possibility that these levels could be broken on the downside. We might see about 8% to 10% correction happening and this could probably be triggered by negative news flows. Not sure when this will happen but the chances are stronger on the downside.