Technical Analyst, Ashwani Gujral is of the view that ONGC has resistance at Rs 1120-1125.

Gujral told CNBC-TV18, "Most stocks are tending to enter a sort of a range because the market is entering a range, so mainly the weakness yesterday was with ONGC, now it is heading closer to support between Rs 970-980. On the upside you have resistance around Rs 1,120-1,125."

He further added, "The way inflation pans out, if it is within expectation you will see probably some further upmove in banking, if its bit more again they will go into a shell. So nothing is looking particularly weak or particularly strong, everything is tending to now get into a range but the problem clearly remains. If we don’t breakout soon, this uptrend will tend to loss its strength and then, we may follow the other global markets on the way down, which means that the outperformance may not last unless the conditions change."