Above Rs 1100, ONGC can test Rs 1350: Gujral

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Above Rs 1100, ONGC can test Rs 1350: Gujral

Technical Analyst, Ashwani Gujral is of the view that above Rs 1100, ONGC can test Rs 1350.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS ONGC, IL&FS-BHEL to ink deal for Tripura power plant ONGC has target of Rs 1290: E Mathew ONGC top gainer on Sensex ONGC likely to test Rs 1085: N Pillai ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about ONGC See messages about ONGC ONGC BSE | NSE 28/05/12 Are Mutual Funds betting on ONGC?

Technical Analyst, Ashwani Gujral is of the view that above Rs 1100, ONGC can test Rs 1350.

Gujral told CNBC-TV18, "After a long time ONGC looks better than Reliance. It has got support around Rs 1,000 and if it can take Rs 1,100 out we could probably see Rs 1,350."

He further added, "For Reliance next support is finding that rounding bottom. If Rs 2,350 can be taken out, it will start heading back up to Rs 2,550-2,600. 3,800 to 4,600 was stress zone where everybody got stressed about the bad news, now from here you will start building in some good news and some euphoria kind of rallies, those kinds of moves will start happening. So the stocks are slowly getting past their thresholds from where you could see medium-term kind of rallies happening.

Disclosure: It would be safe to assume that analyst and his clients may have investments interest in the above stock/sector.