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ONGC may bounce to Rs 275-278: Baliga

ONGC may bounce to Rs 275-278, says Ambareesh Baliga, COO of Way2Wealth.

May 23, 2011 / 04:03 PM IST
 
 
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ONGC may bounce to Rs 275-278, says Ambareesh Baliga, COO of Way2Wealth.

Baliga told CNBC-TV18, "We were positive on ONGC earlier but looking at the way the subsidies are twisted by the government every now and then and the burden which is there on them and at the same time if you look at the price at which the oil transfer is happening, if you look at the market the Indian crude basket was closer to USD 110-114 till sometime back whereas they have been selling about USD 55, there is hardly any increase happening there. So looking at both these negatives it does not make too much of sense looking at ONGC at this point of time except from a trading point of view where you could see some bounce back because it has fallen from those levels of Rs 314-315 to the current levels. So you could see some sort of bounce back to Rs 275-278 levels but that

first published: May 23, 2011 03:57 pm

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