ONGC- Can it hit the box on the upside

ONGC once penetrates 243-244 mark- Likely it will travel in the zone of 252-254 -Hitting the box the resistance from the top end channel. Once it hits the box & we see it is unable to penetrate on upside & facing resistance- we shall look for selling opportunities in later sessions.

Trading Strategy- Likely going above 243-244 -ONGC could head for upside immediately.

Regards,
Abhishek H. Singh, CMT

Trade closed: target reached:

10:35 Hrs-IST-8th Sep2016- ONGC -Target Reached - Box Hit & Made session high@254.90

Trade active:

12:15 Hrs- IST-9th Sep2016- We shall wait for market clues before it starts falling in the down leg as expected & channel should hold on top or at least ONGC should get rejected in the current zone of 250-255.