Quant Pick – ONGC : ICICI Direct

According to ICICI Direct, Buy ONGC in range of Rs 123-125; Target: Rs 145; Stop Loss: Rs 112; Time frame: Three months.

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ICICI Direct’s research report on ONGC

Recommendation

Buy ONGC in range of Rs 123-125; Target: Rs 145; Stop Loss: Rs 112; Time frame: Three months.

Derivatives & Quantitative Outlook

Since the August series, the Nifty Energy index has gained over 11% against a 10% increase in the Nifty. Both midcap and large cap stocks witnessed buying support at every decline. The recent outperformance of oil & gas stocks brings the focus to ONGC, which has so far been unable to replicate the gains seen by the rest of its peers. We expect a catch up exercise to be seen in ONGC. The stock can move towards Rs 145 levels.

The open interest in the stock has increased gradually in the last two weeks along with a price recovery. This month we saw additions of 20% in open interest. Considering continuous additions and recovery of the stock, we expect further fresh accumulation to be seen, which should take the stock higher in the coming sessions.

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