Technical Equity Call - ONGC 26 Sep 2016

ONGC (CMP - 249.55)

past 9 months trend

Short Term Delivery Call 

1. After showing correction today, ONGC is expected to move further up.
2. Recently crossed its resistance at 248 level, moving upwards expected to form next Resistance at 285+ levels.
3. Moving Average (20, 50, 100, 200) - Suggest Buying option. However shorter averages suggest selling indicting we might notice further correction.
4. RSI (14) - Neutral 
5. MACD(26, 12) - Suggests buying
6. William% R - Neutral
7. Bull/Bear Power - Suggests buying

Overall a bullish stock, with expected little correction.

Target 1 :  285--290

Target 2 :  330+, if sustains above 290 level.

Stop Loss : 235

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