Amit Rathi cautious on ONGC

Amit Rathi, MD of Anand Rathi Financial Services told CNBC-TV18, "There is little more pressure coming in on ONGC. I don't think the government will reduce subsidies going into the elections and given the way oil prices are in the conflict situation that is growing in the Middle East, oil prices will remain elevated over the next few months."

"We would be little cautious on stock like Oil and Natural Gas Corporation (ONGC) at this point of time," he said. At 10:43 hrs Oil and Natural Gas Corporation was quoting at Rs 248.05, up Rs 4.30, or 1.76 percent. It has touched an intraday high of Rs 250.00 and an intraday low of Rs 244.30. The share touched its 52-week high Rs 354.10 and 52-week low Rs 234.40 on 18 January, 2013 and 28 August, 2013, respectively. Currently, it is trading 29.95 percent below its 52-week high and 5.82 percent above its 52-week low. Market capitalisation stands at Rs 212,218.93 crore.