Buy ONGC above 80.5: StRaTegy To proFit

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    State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported its first-ever quarterly loss after it took an impairment on the slump in oil and gas prices.
    Oil and Natural Gas Corp

    Oil and Natural Gas Corporation is a top energy PSU from India and is also having the lowest valuation amongst its global major energy producers.

    ONGC stock is witnessing consolidation in 60 -80 Rs price range in the last three months. It had registered 52 weeks low of 51.8 in March 2020 crash.

    Chart pattern shows the descending triangle formation on daily charts. Prices are trading near the upper boundary of the triangle.RSI is showing divergence formation in the last few days with respect to price action.

    Source:tradingview

    One should consider buying the stock with target of 94 after breakout.

    According to recent reports, ONGC’s outstanding debt of Rs 21,593 crore as on March 31, 2019 has come down to Rs 13,949 crore as on March 31, 2020.

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