ONGC has resistance around Rs 305-310: SP Tulsian

ONGC has resistance around Rs 305-310, says SP Tulsian, sptulsian.com.
 
Tulsian told CNBC-TV18, “ONGC, any kind of price increase because that is what even I have been maintaining that in fact I don’t see that much positive for the oil marketing companies (OMCs). It will ease their liquidity if any diesel price hike or may be the Liquefied petroleum gas (LPG) price hike comes, but definitely that will be a very big positive for the upstream companies because the subsidy sharing which now tentatively has been fixed at about 38 percent of the total under recovery may quite get reduced and that is seen quite positive.”
 
He further added, “The problem with these up streams, may be like ONGC, Oil India and even for that matter Gail, you cannot really rely on the up move all this and I am not too convinced for the target of Rs 350. There are many positives, one positive is also on account of the increase in the Cairn production in which ONGC is holding 30 percent interest because Cairn India is going to ramp up their production to about 250 thousand barrel per day or may be 225 thousand barrel per day. Even taking all this into consideration at Rs 305-310 again we will see the profit booking start coming in ONGC and that is the resistance I am expecting in the share.”