Below Rs 260, ONGC can slip to Rs 235-240: Chaturmuhta

Below Rs 260, ONGC can slip to Rs 235-240, says Ashish Chaturmuhta, VP Derivatives and Technical, IIFL Private Wealth.

Chaturmuhta told CNBC-TV18, "ONGC has fallen from Rs 315 to almost Rs 260 levels with a huge build-up on short side and today being last day of expiry, so there is some kind of pullback being seen in ONGC. But I find it difficult that this stock can sustain above Rs 285 levels whereas if it breaks Rs 260 levels then there can be a selling pressure till Rs 235-240 levels in ONGC."