ONGC can move to Rs 345-350: Atul Badkar

Atul Badkar, VP - Institutional Equities - Derivatives Desk at Edelweiss Securities told CNBC-TV18, "Within the entire oil and gas pack apart from Reliance Industries we believe that even ONGC has now moved into a new trajectory. For a long time it was sub-Rs 300 and now we are seeing this entire consolidation between Rs 300-325. It even went higher then it sort of drew back a bit. However, technically we feel that if markets were to consolidate from these levels and even within the sector ONGC is very likely to go back to Rs 345-350 levels."

He further added, "I think even fundamentally we have been quite bullish on the stock. Even earlier on clients seemed to be talking about this stock particularly in the oil and gas pack. So from Rs 326 if market were to correct a bit ONGC will be more like a defensive cum long hold in the portfolio, because the downside seems to be limited from here, but the upside will be a quick 4 or 5 percent."