Anu Jain, Director-Equities of IIFL Private Wealth Management told CNBC-TV18, "Oil and Natural Gas Corporation (ONGC) is still in a bear market. I would not be a buyer, there could be a pullback to Rs 360 or maybe Rs 380. The one-year high is Rs 457, the three months high is Rs 429 and the one month high is Rs 400, so the highs are kind of making lower levels. There is an overhang of an FPO, there are other overhangs but for the stock to move the technical levels would be that it holds on to Rs 380 and that is a distance away. For a pullback traders may trade in and trade out of it but I would not take a positive bias on this stock as of now technically."
She further added, "Housing Development Finance Corporation (HDFC) on the other hand is like a little rangebound but with a positive bias. So it is at about Rs 1,115, can have a resistance on Rs 1,177, so I think any lower levels around that Rs 1,080-1,100 would be buying points for it. So lower levels on HDFC definitely make a buying point and so one is a buy that HDFC and ONGC is definitely I wouldn’t touch."
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