Positive on ONGC, Fortis: Mithil Pradhan, Market Analyst

Mithil Pradhan, Market Analyst tells ET Now of his expectation from ONGC & Fortis stocks.

You like these stocks, RIL in particular, possibly an ONGC?

Mithil Pradhan: I like ONGC if you compare the two. Reliance is still stuck between a range of 980 on the downside and about 1120 on the upside. ONGC on the other hand has broken out, is in the process of breaking out from a range of 1200 to 1300.

Now the interesting thing is that on a weekly chart, ONGC has given me a specific signal. That signal says that the uptrend would continue and it will continue on a weekly basis. So you can assume an uptrend which should last for at least 8 to 10 weeks from current levels and you should either hold this stock if you are already owning it or you should go long on any declines.

What is the call on Fortis?

Mithil Pradhan: Bullish but now the uptrend which started from about 60, it went up to about 180. Stock has almost tripled from there. I have got specific signals at current levels that this particular correction which has started from about 182, the current levels of 150 will result in a sideways move which can go on for about a few weeks from current levels.

Having said that, the outlook is definitely bullish and the stock is again going to retrace back of this particular correction. So in the short term, it will achieve anything between 160 to 170. Long term, medium term investors should hold on. Short term investors should look for declines or to play a range bound move rather than a trending move from current levels.