Mohindar told CNBC-TV18, "I think if we absorb the kind of price action ONGC has shown from around August 12 where it has made its highs at about Rs 1,100-1,120, we corrected all the way down to about a Rs 1,000 and what I have noticed was all these days had under averaged volumes. So what I am trying to say is the price corrected but the volumes were much below average and if we look at that on consistent basis that is the signal that you are approaching a good support and there is no conviction on the sell side."
He further added, "So between Rs 950-1,000, I would say that is the pocket where you need to go and buy keep a stoploss around Rs 950 and yes Rs 1,100 is a very reasonable target to expect short to medium-term. If you have to be in this long-term this is a stock where it would take a lot more time so one needs to have a time horizon of 1 year to 1.5 years minimum, if you are looking this from an investment cycle. So, I would put a hold on this."
Disclosure: Analyst has no personal holdings in above stock.
