ONGC can test Rs 1065-1100: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that once ONGC crosses Rs 900 with very heavy volumes and open interest expansion then the stock would go all the way to Rs 1,065 or maybe Rs 1,100 over the next two quarters or so.

Bhambwani told CNBC-TV18, "In ONGC Rs 910-900 levels would be the first litmus test for the bulls. This is the kind of upside potential the stock has going forward from now. Once it crosses Rs 900 with very heavy volumes and open interest expansion, you would actually see a breakout and then the stock would go all the way to Rs 1,065 or maybe Rs 1,100 over the next two quarters or so."

He further added, "On the downside, unless and until Rs 540 level is taken out with huge amount of force, I would say the probability of an upmove is better than the probability of a decline from here. I think this is a stock, which you should have in your core portfolio. This sector itself is something that you should be bullish on from long-term point of view, the minimum timeframe of three years, and I advocate a hold for the absolute long-term."

Source: Moneycontrol