1. ONGC is trading range bound between a range of Rs 640 - Rs 670 and as suggested last week that stock is trading weak and thus stock is likely to remain weak in short-term. During the downtrend if the level of RS 640 is broken than it can fall to the level of RS 620-Rs 585. One has to be careful near Rs 600 level as stock has shown a dead cat bounce from this level. Long term investors can buy this stock for sure shot gains only above the level of Rs 751.
2. As a strategy for medium term investors one can go long in ONGC once stock starts trading above the level of Rs 701.
3. SBI is trading weak as it has broken its key support at the level of Rs 1,000. Thus stock has high probability to fall to the levels of Rs 860 and if Rs 859 level is broken than it can fall to the level of Rs 760.
4. SBI Stock faces rsistance at Rs 985-Rs 1,025. As a strategy if stock fails to recoup above the level of Rs 984 than one can short this stock with stop loss as Rs 1001.
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