ONGC has target of Rs 1290: E Mathew

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ONGC has target of Rs 1290: E Mathew

Technical Analyst, E Mathew is of the view that Oil and Natural Gas Corporation, ONGC has target of Rs 1290.

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Technical Analyst, E Mathew is of the view that Oil and Natural Gas Corporation , ONGC has target of Rs 1290.

Mathew told CNBC-TV18, "ONGC was a bit of a laggard for sometime but if we have to go by the premise that after this reaction the Nifty would cross 4,620 and ultimately head towards 5,000 which is my view unless of course crude decides to go back to USD 150/bbl in that case ONGC cannot lag far behind. Good base building exercise has been done in case of ONGC round about Rs 930-940 zone which incidentally and unfortunately is a stop loss which is way down below. But what is interesting is it has got a target of Rs 1,290 so the risk reward ratio for trader is somewhat decent."    

Disclosures: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.