DrReddy is getting support at 0.618 fib level and the traded volume is also decreasing. In 1-2 days we may see a spike in volume and which will start another bull run. It is also forming a Flag and Pole pattern. If Flag and Pole breakout happens than Target is 5900++ in coming weeks.
ONGC gave a breakout yesterday from my levels and is again forming inverted flag and pole pattern. My stance on ONGC is neutral.
Upward movement : Can be traded at breakout at around 67.70 and target of 69 and 70.(According to Pivots)
Downward movement : Can we traded at breakout around 67 and target of 67.25 and then 64. (According to Pivots)
Stock has formed a classical flag and pole pattern and has given a clear breakout supported with good volumes and strength in RSI.
A good upside rally could be seen in few upcoming sessions. Let's wait for some price action.
My view: Bullish for short term view.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.