STOCK TIPS 4 U - BUY ONGC AT A TARGET OF RS.330 TO 360 :ADITYA BIRLA MONEY

Aditya Birla Money is bullish on ONGC and has recommended buy rating on the stock with a target of Rs 330-360 in its April 25, 2011 research report.

“With a strong Bullish Belt Hold pattern ONGC has given a breakout from a Bullish inverse Head and Shoulder pattern in Thursday’s trade session. Measuring implications from the pattern indicate an up move towards Rs 330/360. Along with the pattern breakout the ONGC has also breached the falling channel of last 7 months adding strength to our bullish view. With this the stock is also trading above all crucial moving averages implying that the short term trend has turned positive.”

“A positive crossover in daily momentum from oversold zone while the weekly momentum continues to rise is likely to support prices. Only a close below the right shoulder at Rs 280 would indicate that the breakout was false and negate our bullish expectations. Buy ONGC at CMP for a target of Rs 330/360 with stop placed below Rs 287 on closing basis,” says Aditya Birla Money research report.

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