ONGC Share Intraday Breakout Analysis and Price Prediction:- If you’re keeping an eye on the ONGC (Oil and Natural Gas Corporation) stock, you’re in for an exciting ride. Here’s an in-depth analysis and prediction for the ONGC stock price which is our Top Intraday Stock pick of the day, with a focus on what might happen tomorrow.
Latest Chart Analysis for NSE:ONGC for 1st August 2024
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| ONGC Share Intraday Breakout Analysis and Price Prediction |
The attached chart shows ONGC stock's price movement on an hourly basis, highlighting a crucial breakout level at 340. The stock is currently consolidating within a range of 333 to 340, which acts as a resistance zone. Here's what you need to know:
- Buy Signal: If ONGC breaks above the 340 mark, it signals a strong buy opportunity. This breakout could lead to an upward movement, making 345 and 355 potential price targets.
- Stop Loss: For intraday trading, a stop loss should be placed at 333 to minimize risks. This ensures that if the price drops below this level, you limit your losses.
- Support Levels: There’s significant support in the 328-329 range. If the stock dips to these levels, it can be a good buying opportunity, with a stop loss set below 325.
ONGC Stock Price Forecast and Targets
With the stock market’s ever-changing nature, it's crucial to stay updated with the latest predictions and forecasts. Here’s what to expect:
- Immediate Target: Post-breakout, the immediate target for ONGC shares is 345. This is a conservative estimate based on the current market sentiment and technical indicators.
- Secondary Target: If the bullish momentum continues, the stock could reach 355. This is an optimistic target, assuming favorable market conditions.
Why ONGC Stock?
ONGC is a significant player in the oil and natural gas sector, and its stock is often influenced by global oil prices and domestic demand. Keeping an eye on these factors can help in making informed trading decisions.
Tips for Tomorrow
- Monitor the Breakout Level: Keep a close watch on the 340 level. A breakout above this could signal a strong upward movement.
- Set Stop Losses: Always set a stop loss at 333 for intraday trades to manage risks effectively.
- Watch for Support Levels: If the stock dips to the 328-329 range, consider it a buying opportunity with a stop loss below 325.
Frequently asked Questions about ONGC share
Is ONGC Overvalued?
As of August 2024, ONGC (Oil and Natural Gas Corporation) is trading at around INR 333.70. The stock has shown significant growth over the past year, nearly doubling its value. However, with a PE ratio of approximately 9.24, it appears reasonably valued compared to the industry average (TradingView) (Screener). Analysts have a mixed outlook, with price targets ranging from INR 290 to INR 390 (Investing.com).
Is ONGC Debt-Free?
No, ONGC is not debt-free. The company has significant borrowings, amounting to over INR 153,000 crores as of the latest financial year. Despite the high debt levels, ONGC has substantial reserves and assets to manage its liabilities (Screener).
What is the PE Ratio of ONGC Stock?
The PE (Price to Earnings) ratio of ONGC is approximately 9.24, which is derived from its current price and earnings per share. This ratio suggests that ONGC is trading at a relatively lower valuation compared to many of its peers in the energy sector (Investing.com).
Conclusion
ONGC stock shows promising signs for tomorrow’s trading session. By keeping an eye on the breakout level at 340 and setting appropriate stop losses, you can maximize your trading potential. Remember, the key is to stay updated with market trends and make informed decisions.
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