Technical Analyst, Mitesh Thacker is of the view that ONGC would be a good shorting candidate in the range of around Rs 820 to 835. Probably from there we can see a stock coming back to the Friday’s low of Rs 770 and probably head towards Rs 700 mark.

Thacker told CNBC-TV18, "ONGC is one stock wherein we have seen a good bearish formation taking place on the charts; on the weekly charts it has formed a head and shoulders formation. I think probably what we will see in today and probably in the next few days a pullback to those neckline levels, which is an important technical breakdown, which is there on the charts. So I think it would be a good shorting candidate in the range of around Rs 820 to 835. Probably from there we can see a stock coming back to the Friday’s low of Rs 770 and probably head towards Rs 700 mark."

He further added, "Reliance also has been very weak in fact it has been underperforming the markets now from an outperforming stock. So I think that is a stock, which faces lot of supply in the area of Rs 1,420-1,460 levels and from there the entire rally could again fizzle out and we could see newer lows."