ONGC has target of Rs 308: Amit Gupta

ONGC has target of Rs 308, says Amit Gupta, Head-Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "ONGC - if you look at the last one year pattern, consistently around Rs 295-280, the selling pressure was there. Now in the last few sessions, it is slowly absorbing that particular selling pressure and if you look at the short positions, they are definitely there in the stock and we have only two days left to expiry."
He further added, "I think the momentum that came yesterday - it breezed at the previous top of Rs 295. In the last one year I think the lower top, lower bottom formation is consistently there. So the breach of this Rs 295 will infuse further short covering in the stock and it might go up to Rs 308. So, one can initiate a long position if market is little bit jittery today in the morning. So I think you can get lower levels again. So Rs 288 to 290 - you can initiate the longs and look for a target of Rs 308 in ONGC."