Avinash Gorakshakar of Precision Investment Services told CNBC-TV18, "Making money on ONGC is something really good because this stock has actually underperformed quite significantly. So, if you see the structure of the business for Oil and Natural Gas Corporation (ONGC) my sense is that clearly the next one or two quarters could show some pain but there has been some bounce in crude prices and hopefully very little subsidies coming on the balance sheet.""Things going forward would obviously improve after the next couple of quarters. One should partly book profits and wait for roughly levels of around Rs 225-230. At that time one should book out completely but going forward the way crude prices are behaving this is a vulnerable stock and probably once crude prices again start falling down again probably you could see some selling pressure plus the hangover of the oncoming Follow on Public Offer (FPO) is also there. So, I would suggest book profits partly and hold on for the rest at around Rs 225-230 levels," he added.
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