Trade ONGC with stoploss below Rs 320: Manghnani

Anil Manghnani, Modern Shares & Stock Brokers advised trading ONGC with a stoploss below Rs 320.
 
Manghnani told CNBC-TV18, “I think oil and gas has fairly held out even in this correction because they were the ones that moved right at the end, maybe little under-ownership. However, with Rs 321 being the 20 exponential moving average (EMA), I feel maybe ONGC will try to support the market, hold that 20 EMA and bounce. So, maybe just a trade back to Rs 339-342, with a stoploss below the 20 EMA, which is let’s say Rs 320.”