Key crossover hints at more gains for ONGC
Synopsis
ONGC is one of the cheapest stocks on the Nifty with a high dividend yield of 7 per cent. The shift in investor interest to value stocks has helped the stock shrug off its recent lethargy, with the share gaining 14 per cent in the past three trading sessions on higher volumes.
Mumbai: Oil and Natural Gas Corporation (ONGC), a late entrant in the Dalal Street’s recent bull party, is showing promise after moving in a tight band in the past six months. Analysts said shares of the oil explorer, which soared 6.2 per cent to Rs 80.80 in a weak market on Wednesday after global crude prices firmed, broke past key technical hurdles in the trading session. Now, the stock is poised to advance as much as 15 per cent soon.ONGC
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