ONGC may test Rs 265, says Siddharth Bhamre

Bhamre told CNBC-TV18, “ Hindalco Industries , we have seen huge amount of pile up of short positions over there. Rs 110, we were surprised by day before 2% downside, we were not expecting that. Around these levels and that has happened because of unwinding and we have seen some formation of long positions which are happening at lower levels. So fixed stop losses of Rs 103-104, go long. We are expecting a short covering bounce which can take it to Rs 116, not beyond that.”

He further added, “We indicated short positions in Maruti Suzuki around Rs 1200 but then it would be time to cover those short positions. ONGC around Rs 245-250 we have been recommending long positions but it had nothing to do what so ever with this news. Stock has good support over there, some short pileups are there. So we would see a covering which can take that stock to Rs 265 so that’s the trade but it is not influenced by what has happened yesterday.”