ONGC may slip to Rs 255-260: Sukhani

Sukhani told CNBC-TV18, " Sesa Goa was a relatively weak stock when we compare it to Sterlite. Sterlite at least saw new highs and then went down. Sesa Goa never did that. It was in a downtrend consistently. That downtrend persists.A small range yesterday should see expansion on the downside. The Nifty itself has to be tracked today at least."

He further added, "Oil and Natural Gas Corporation (ONGC) has turned from Rs 290. It had a strong support at Rs 275. It has broken Rs 270 also. So apparently the lower end of the trading range which is Rs 255-260 is where this stock should be heading. So this is more of a trading play, it doesn’t mean that ONGC is in a bear market or in a downtrend. It is in a trading range and once it hits the upper end, starts breaking minor support levels. It is reasonable to expect it to go and touch the lower end."