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Price and trend forecast of ONGC for Tomorrow, Weekly, Monthly

Oil & Natural Gas Corporation Limited

Symbol: NSE:ONGC

ISIN: INE213A01029

265.70

As on 2024-04-12

150.05 (52W Low) 284.95 (52W High)

ONGC's Today's Performance

Oil & Natural Gas Corporation Limited started the day by opening at 271.90 today 2024-04-12. Its shares reached a high of 272.50 and dipped to a low of 265.00 in intraday. When the markets closed, ONGC’s stock price settled at ₹265.70 per share. Also check out its key support and resistance levels.

ONGC Buy/Sell Targets

Tomorrow, sell ONGC when its price reaches ₹ 265.70 with a stop-loss order at ₹ 268.40. You can set the target price as ₹ 263.00 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of ONGC for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for ONGC

Resistance Levels Value in ₹
Tomorrow Resistance 1 270
Tomorrow Resistance 2 275
Tomorrow Resistance 3 278

Important Supports for ONGC

Support Levels Value in ₹
Tomorrow Support 1 263
Tomorrow Support 2 260
Tomorrow Support 3 255
Based on where the stock opens tomorrow, if ONGC opens on a positive note, our first target will be ₹270. If Target 1 is achieved, we will aim for Target 2 which is ₹275.

But if ONGC falls below the average value of ₹267.73, you can enter a sell side position with target number 1 - ₹263 and second target - ₹260 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of ONGC

Looking at ONGC, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, ONGC has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for ONGC is strong bearish.

Tomorrow's Volume based share price Forecast for ONGC

ONGC's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a strong bearish trend. Volume trend strength over the last month compared to the last week is 32%.

Reversal detection for ONGC

Predicted trend chart of ONGC tomorrow for price forecast
ONGC may reverse its trend from downside (Short term bullish outlook) and we can get target of ₹271 in morning tomorrow
Target 1 tomorrow271
Target 2 tomorrow272
Target 3 tomorrow275
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with ONGC's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if ONGC opens on a positive note, our first target will be ₹270.47. If Target 1 is achieved, we will aim for Target 2 which is ₹275.23.

But if ONGC falls below the average value of ₹267.73, you can enter a sell side position with target number 1 - ₹262.97 and second target - ₹260.23

ONGC's Weekly Targets
1st Up Target 270.93
2nd Up Target 276.17
1st Down Target 262.73
2nd Down Target 259.77

As the week for ONGC ended on bearish sentiments, we can expect further continuation of this sentiment. ONGC's initial target will be 270.93 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 262.73 in the upcoming week.

Weekly OHLC Values
Open 267.55
High 273.20
Low 265.00
Close 265.70

Week for ONGC started with an open price of 267.55, and the close was at 265.70. ONGC reached the highest of 273.20 and dipped lowest up to 265.00 last week. This indicates a bearish sentiment for the week.

ONGC full month swing targets
Monthly Up Target 1 279.13
Monthly Up Target 2 284.37
Monthly Down Target 1 254.53
Monthly Down Target 2 243.37

Targets of ₹279.13 can be expected to be reached in the coming month. Once ONGC achieved this target, we can aim for the next upside target of ₹284.37.

ONGC if fails to hold upside, down targets of ₹254.53 and ₹243.37 can be achieved by end of this month.

For complete three weeks if ONGC is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as ONGC

Symbol Name Industry
RELIANCE Reliance Industries Limited Oil & Gas Refining & Marketing
ADANIENT Adani Enterprises Limited Thermal Coal
ONGC Oil & Natural Gas Corporation Limited Oil & Gas Integrated
COALINDIA Coal India Limited Thermal Coal
IOC Indian Oil Corporation Limited Oil & Gas Refining & Marketing

Summary

ONGC is expected to reach the target of 270.47 in tomorrow's trading session.

After achieving the initial target in ONGC, we will aim for higher targets of 275.23 tomorrow.

However, if ONGC starts to trade below ₹267.73, then we will shift our focus to the sell side and aim for down targets of 262.97 and 260.23.