ONGCis trading right at an important support zone

ONGC is trading right at an important support zone. The chart you shared shows repeated buying interest around ₹230–₹232, making this a key demand/swing-low area. ONGC Technical Analysis The ₹230–₹232 zone has acted as a strong support multiple times since August, and the stock is currently around ₹232.50, very close to that zone. Recent market data also places technical support around ₹231.8–₹232.8. If ₹230–₹232 holds: The stock can attempt a recovery toward ₹240–₹243 initially. A decisive move above ₹243 could open the way toward ₹250–₹255. If ₹230 breaks decisively: A daily close below this zone, especially with strong volume, would weaken the support structure and could lead to ₹226–₹228, followed by the broader ₹220–₹222 zone. Current pivot calculations also place support around ₹230 and ₹226.6. 📌 Chart interpretation ₹230–₹232 = Strong Support/Demand Zone ⬇️ Breakdown below ₹230 = bearish confirmation ⬆️ Bounce from ₹230–₹232 = possible recovery 🎯 ₹240–₹243 = first resistance 🎯 ₹250–₹255 = next resistance zone The important point is that support is being tested, not yet decisively broken. The June low was around ₹227.65, so ₹227–₹230 becomes the next important broader support if ₹230 fails. In simple terms: ONGC is at a make-or-break support area. A sustained bounce from ₹230–₹232 can revive the bullish recovery, while a high-volume breakdown below ₹230 would indicate further downside risk.