ONGC Could Be A Good Bet To Energize Your Short Term Portfolio

ONGC being one of the largest producer of crude oil and natural gas in India, around 70 percent of Indian domestic production. The company recently has acquired 10 percent stake in UAE’s oil offshore concession. ONGC recorded a net profit of Rs.5015 crore which has seen a 15 percent rise on year on year basis and a fall of 2 percent on quarter and quarter basis. ONGC as a company has kept its operational cost to it minimal and has shown operating profit of Rs.12046 crore which is 22 percent rise on year on year basis. And technically the stock has formed a symmetrical triangle in the daily timeframe chart and currently the stock can be bought at current levels with a target of 206. It is a value buy pick which is helpful for short term investors.

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