Exit ONGC at Rs 330-340, says Parag Doctor

Parag Doctor, Head - Trading Strategies of Keynote Capital told CNBC-TV18, "I think the price should come back and if one recollects Oil and Natural Gas Corporation (ONGC) has been trading in a very narrow band over the last few months. The lower end of the band is around this Rs 285-300 kind of zone which is where the stock is almost there and the long-term 200 day average is in that zone and it is a multi-month support also."

"So, I don't expect the stock to go below Rs 285. So, that is where the stop loss is for those who are holding long. On the upside Rs 330-340 has been the top end of this trading range. So, once the sentiment improves in the markets we expect ONGC to at least head back to that range maybe in the next month or two. So, that would be a good time to exit the stock since the investor is more like a shorter term trader," he added. Also Read: ONGC, GAIL, Oil may pay higher subsidy share of 45% in FY14