ONGC Stock Analysis by Yagnesh Patel
Yagnesh Patel 
ONGC Stock Analysis & Key levels mentioned
ONGC Stock Analysis
- ONGC made a low of ₹221 in June 2024, followed by a strong uptrend reaching a high of ₹342 in August 2024. This represents a remarkable 54% price appreciation from the low levels.
- After hitting the August 2024 high of ₹342, the stock formed a double top pattern, a classic reversal formation indicating a potential trend change. This led to a downward correction, marking the end of the previous uptrend.
- The stock is currently retesting the critical Fibonacci retracement level at 50%, which lies around the ₹280-₹285 zone. This level has acted as a strong demand zone, as the stock had previously given a breakout around the same level. Retesting this support strengthens the case for this zone being a significant entry point, offering an opportunity for buyers.
- ONGC has recently formed a double bottom around the Fib support zone, confirming a change in polarity and signaling a potential bullish reversal. This formation is often a sign that the stock is ready to reverse its downtrend and start moving upward.
- The 14-period RSI is showing a positive divergence, which indicates weakening downward momentum and a potential reversal in price direction.
Conclusion: It is a high possibility stock may go up from cmp – 294
Important Resistance: 295 – 305 – 320
Important Support: 280 – 272 – 256
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Analyst: Yagnesh Patel
SEBI Registered RA
Registration Number: INH000016320
Disclaimer-
I’m SEBI Registered RA. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.
SEBI registered RA number INH000016320.
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