ONGC has critical support at Rs 920-925: E Mathew

Technical Analyst, E Mathew is of the view that Oil and Natural Gas Corporation has critical support around Rs 920-925.

Mathew told CNBC-TV18, "ONGC has been one of the biggest disappointments. In fact, I would say that quite a bit of the weakness in the Nifty, I would attribute to ONGC. It broke up another crucial level yesterday also and the way it is trading now consistently below Rs 950-960 very disappointing. What is scary now is the last possible support, we are very close to that in ONGC is, we have got critical support now about Rs 920-925 zone and god forbidden if that breaks then we could see ONGC possibly slide all the way initially to Rs 878-880 and it could even go all the way to Rs 834 and this is in a scenario where oil is more is USD 120." 

Disclosure: It is safe to assume that analyst and his clients may have an interest in the stocks/sectors discussed.