ONGC has seen a decent correction from the highs in last couple of months as the crude Oil prices have cooled off from their highs. However, the prices are now showing signs of some pullback move as it has given a breakout from a trendline resistance.
IDFC First Bank was the third largest gainer in the F&O segment, climbing 5.5 percent to Rs 46.05, the highest closing level since February 11. The stocks has seen a Bullish Engulfing candlestick pattern formation on the daily charts with above average volumes as the big bullish candle engulfed all three previous red candles, which generally indicates a bullish bias.
Greaves Cotton has seen good price volume action in the last 2 days and has breached above its 20-day SMA (Rs 170). One can continue holding the stock and expect upside towards Rs 225 followed by Rs 250 levels. Downside support for the stock is placed at Rs 170-175 zone.
Selan Exploration Technology rallied 12 percent in last one month.