Rajat Bose, rajatkbose.com, in a chat with ET Now, gives his stock call
At these levels, would you look to buy into the ONGC counter for a long-term perspective based on the patterns that you are spotting on the charts?
If you talk about the long term, definitely even BHEL, ONGC or for that matter Coal India, all of these are a buy. ONGC is still trading above Rs 289 and yesterday I have given a target of Rs 365 to about Rs 370 on the upside. I still hold onto that target but the point is that if you are buying with a trading perspective, then these things are still looking weak say BHEL. In my opinion it has tested its 200-day exponential moving average yesterday at Rs 320. Once it gets a leg up beyond Rs 308, once again you will see this will move up and over the longer term, say about a one year or so. I see BHEL crossing Rs 400, so they are a buy from a longer term perspective but not immediate buying candidate for trading plays.