Go long on ONGC futures

The long-term outlook for Oil and Natural Gas Corporation (Rs 128.3) remains negative. However, in the short-term, it may remain positive. The stock has major support at Rs 117 and a close below that level alone can change the short-term outlook to negative. On the other hand, it finds an immediate resistance at Rs 132 and a major one at Rs 144. A close above the latter could also change the medium-term outlook to positive. Only a close above Rs 180 would change the long-term outlook to positive for ONGC.

Having breached several resistance levels, ONGC may move sideways, before charting a rally.