Buy ONGC; target of Rs 285: IIFL

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Buy ONGC; target of Rs 285: IIFL

IIFL is bullish on Oil and Natural Gas Corporation (ONGC) and has recommended buy rating on the stock with a target of Rs 285 in its January 20, 2012 research report.

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IIFL is bullish on Oil and Natural Gas Corporation (ONGC) and has recommended buy rating on the stock with a target of Rs 285 in its January 20, 2012 research report.

"ONGC has given a breakout on the upside after breaking out from a rounding bottom formation. The stock had been on a well entrenched downtrend from the peak of Rs281 in November 2011 to a low of Rs236. Since then, the stock has created a base around the levels of Rs240 in December and bounced back from it on multiple occasions. On Thursday, the stock gave a close above its key resistance levels of Rs266-267, which also coincides with 200-DMA for a second consecutive trading session. Keeping in mind, the above mentioned evidences, we recommend traders to buy the stock above Rs 272 with stop loss of Rs 266 for target of Rs 285. (Duration 4 days)," says IIFL research report.

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