SP Tulsian of sptulsian.com recommends exiting Oil and Natural Gas Corporation (ONGC) ata round Rs 290-292.
SP Tulsian of sptulsian.com told CNBC-TV18, "I don't think that the diesel price hike which is still pending, has been given up by the market. It is still very much open because the rupee volatility probably will again force the government for the diesel price hike and that will be positive for oil marketing companies (OMCs). Oil and Natural Gas Corporation (ONGC) will then probably rise by about Rs 290 or Rs 292 where one should look to exit from the stock."
On September 12, Oil and Natural Gas Corporation closed at Rs 279.35, down Rs 9.45, or 3.27 percent.It has touched an intraday high of Rs 293.00 and an intraday low of Rs 278.00.
The share touched its 52-week high Rs 354.10 and 52-week low Rs 234.40 on 18 January, 2013 and 28 August, 2013, respectively. Currently, it is trading 21.11 percent below its 52-week high and 19.18 percent above its 52-week low. Market capitalisation stands at Rs 238,997.62 crore.