Expect ONGC to touch Rs 560: Homavazir

Regan Homavazir, Associate VP-Technical Research of Darashaw told CNBC-TV18, "As far as Oil and Natural Gas Corporation (ONGC) and Reliance Industries (RIL) are concerned ONGC we would be bullish at about Rs 300 which it is at. So ONGC we would not be very uncomfortable with. We rather would recommend people to look at ONGC between Rs 300 - 290 for a bare minimum upside of Rs 350. Post Rs 350 what happens in ONGC would be quite spectacular because we then expect it to reach Rs 560. So that is the move that we want to see in ONGC."

"As far as RIL is concerned we have been very positive on the stock for a very long time. We have been positive at Rs 700 and we would still reiterate that positive at Rs 850. We expect Reliance to move up to about Rs 1,150 in due course, so we are positive on both these stocks," he added. Also Read: Govt to gain USD 2.2 bn from gas price hike: Report