ONGC (Oil and Natural Gas Corporation) was pummelled right from the outset of the week on fears that the Government could hike fuel subsidy contribution of upstream oil companies. The stock was dragged down from the intra-week peak of Rs 308 to close almost 10 per cent lower for the week.

The medium-term trend in the stock is down since the October peak of Rs 368. This correction has helped the stock retrace half the gains made since the January 2009 trough. Key medium-term support for the stock is however at Rs 238 and investors can continue to hold the stock as long as this support holds. Declines to this level can also be utilised to accumulate the stock.

Any rally in the next few months will face resistance at Rs 302 and then at Rs 327. Close above the second resistance is needed to signal that the stock is on its way to a new high.

Balrampur Chini Mills (Rs 63.1)

Balrampur Chini Mills was once again in the sliders' gang as the stock slipped almost 12 per cent over the past week. After peaking at Rs 168 in October 2009, the stock went in for a free fall in the first half of 2010. The situation has not really improved since then and the stock is currently trading at a two-year low.

Key resistance that investors need to watch is at Rs 82 and the medium-term view will turn positive only on a strong weekly close above this level. Subsequent targets would be Rs 95 and Rs 103.

That said, a slide below Rs 60 can drag the stock to Rs 42 in the ensuing months.

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