1. ONGC is moving in a band of Rs 849- Rs 900 which are acting as its support ( Rs 826- Rs 804) and resistances respectively for this Indian stock. One can keep an eye on the level of Rs 900 because if broken than the stock can target the level of Rs 936-955-974-1000-1,050 in medium-term. However if stock breaks the level of Rs 849 than it can fall to the level of Rs 750-700- 650. As a strategy one can exit if stock falls below Rs 819. Short term prevailing trend in stock is up.
Indian Stock Advice: SBI
2. Some action may be seen in SBI by virtue of SBI profit rising 46% in Q4 on account of higher other income and same is attributable to high flow of deposits which has been seen by the bank due to eruption of ICICI bank scam. Its other income includes its profits from treasury operations. Stock is moving in a band and one may see a breakout in the stock as short term trend is up presently and thus one can see stock touching the levels of Rs 1,480- Rs 1,500. A word o caution that one must exit this stock if the stock falls below the level of Rs 1169.
3. However as a strategy one can exit this banking share of India i.e. State Bank of India if it falls below level of Rs 1,299 as thereafter stock can target levels of Rs 1,270- Rs 1,205. Stock will see resistances at Rs 1,381 and Rs 1,475 during its upmove journey.
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