ONGC

Fundamental View- Oil & Natural Gas Corporation (ONGC) is India’s largest upstream oil and gas producer and a Maharatna PSU with a market cap of approximately ₹3.03 trillion. For the fiscal year 2024–25, ONGC reported a standalone net profit of ₹35,610 crore on revenues of ₹137,846 crore, although quarterly profits softened sharply due to lower price realizations and higher exploration-related cost write-offs. Technical View- As seen in the weekly chart, ONGC has witnessed a consistent decline over the past two weeks, primarily driven by geopolitical tensions between Israel and Iran and the resulting fluctuations in global crude oil prices. After the announcement of a ceasefire, volatility in the stock has slightly reduced; prior to that, the stock was highly volatile. Currently, after this two-week correction, ONGC is taking strong support around its 14-day EMA. On the daily chart, the stock is trading within a narrow range between its 14-day and 55-day EMA, indicating consolidation. For the past 1-2 weeks, the stock has been consistently holding the crucial support level of ₹240, and a reversal was observed from that zone. On the upside, the stock is facing minor resistance near ₹247, indicating that ONGC is currently trading in a range between ₹240 and ₹250. The overall structure still appears bullish as long as the stock holds the ₹240 level. The stock is currently trading around ₹245. Any small dip near support zones may offer a good entry opportunity for long-term investors. From a positional perspective, ONGC can be considered for portfolio addition with a stop-loss of ₹230. If the stock breaks above its immediate hurdle zone, it may quickly move towards ₹255–₹260 levels in the coming weeks. Warning- ***** ***** *****