Hold ONGC, says Parag Doctor

Parag Doctor, Head, Trading Strategies of Keynote Capital's told CNBC-TV18, "Currently we have trading sell on Oil and Natural Gas Corporation (ONGC). We are expecting it to head towards the Rs 255-260 levels or so with a stop loss at Rs 280. I would advice to hold on to the stock because we do not see much lower levels than Rs 250 for the time being and getting back to that Rs 320-310 levels would take some time because ONGC technically is weak. It has broken down below the old support which was around Rs 290-300 levels."

"We expect a range bound movement for some more time maybe between the Rs 250-290 levels and getting back above that Rs 300 levels would take some more time. So, I would not advice any averaging right now but if one has a longer term perspective then one should hold on to the stock," he said.