Short ONGC near Rs 255: Amit Gupta

Short ONGC near Rs 255, says Amit Gupta, Head- Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "I am short on ONGC because it has seen lot of supply around Rs 270 to Rs 275 and now you look at the September base it was around Rs 255 levels. It has taken out those levels also and I think even if it is coming up now towards Rs 255 it's a shorting opportunity and one can keep a stoploss about Rs 262 and I think on downsides Rs 232 levels can also be achieved. So ONGC the kind of selling pressure it is seeing on higher levels I think it may aggravate if it is not holding this time Rs 255."
The company's trailing 12-month (TTM) EPS was at Rs 26.43 per share. (Sep, 2011). The stock's price-to-earnings (P/E) ratio was 9.70. The latest book value of the company is Rs 113.97 per share. At current value, the price-to-book value of the company was 2.25. The dividend yield of the company was 6.82%.