ONGC has crucial support at Rs 300: ICICI Direct

Amit Gupta of ICICI Direct feels that Rs 300 level is going to be very crucial support for ONGC.

Gupta told CNBC-TV18, “The oil and gas sector is looking pretty good. In fact whatever short positions were, they are stuck up. And it is possible that whenever these stocks are falling one may see more short covering happening. This is where I do not see any major cracks in the oil and gas space particularly Oil and Natural Gas Corporation (ONGC) because Rs 300 level is going to be very crucial support now. And the build-up one saw in the stock previously was quite hefty.”