Below Rs 1100, avoid long position in ONGC: Kulkarni

Below Rs 1100, avoid long position in ONGC, says Shardul Kulkarni from Angel Broking.

Kulkarni told CNBC-TV18, "Overall looking at the chart patterns on the weekly charts, ONGC has good support in the range of around Rs 1100-1150. In the next 3-4 weeks the stock can form a base in this particular range of Rs 1100-1200. I think the longer-term pattern looks very good on the charts otherwise if the stock goes below Rs 1100 mark, I would avoid any long positions whatsoever." The company's trailing 12-month (TTM) EPS was at Rs 74.24 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 15.83. The latest book value of the company is Rs 408.08 per share. At current value, the price-to-book value of the company was 2.88. The dividend yield of the company was 2.81%. Disclosure: It is safe to assume that we may have the above stock in our portfolios and we have recommended them to our clients.