ONGC can touch Rs 286-292: IIFL

Manoj Murlidharan Vayalar, Associate Vice President-Derivatives, IIFL is of the view that ONGC can touch Rs 286-292.

Murlidharan told CNBC-TV18, “GAIL had a good move rather once we saw the Nifty crossing the 5000 we had actually seen the FII pumping close to Rs 8000 crore and that happen in consecutive two days. So that was a time when we had seen stocks like GAIL going up but now if I have to pick among this sector ONGC is still become the top bet because the thing here is, it is an accumulation going on I guess since last 23-24 days." He further added, "We are looking into the delivery side and we are actually seeing that accumulation being taken away and not being dispersed back into the market. So I feel there is an accumulation which is going on in ONGC so that still becomes a good bet. I guess it should be around Rs 275-278. The weighted average price of Rs 264 should be a stop loss and even if you give in 28-30 days somewhere close to Rs 286-292 is what we are looking for.”