Stock to buy: Maharatna oil PSU ONGC could rise 14% in 1 month, predicts Anand Rathi. Here's why
The brokerage firm's stock pick report said that ONGC shares have recently broken out of their narrow consolidation range of ₹ 220 to ₹ 252. With the help of support at the base near the 200-day EMA high/low band, the analysts are bullish on the energy sector stock.
'ONGC recently broke out of its narrow consolidation range between 220 and 252, indicating strength. The stock is now trading above this range, supported by a base formation around the 200-day EMA high/low band, reinforcing bullish sentiment,' said the brokerage in its report.
On the technical front, the analysts highlighted that the Relative Strength Index (RSI) has moved above the 50 mark, indicating a shift in momentum of the shares.
'The daily RSI has moved above the 50 mark after a prolonged period, signalling a shift in momentum,' they said.
Oil and Natural Gas Corporation Ltd (ONGC): Buy at ₹ 255 (or CMP); Target Price at ₹ 290; Stop Loss at ₹ 235.
'Given these technical developments, a long position is advisable in the 257–253 zone, with a target of 290. A daily close below 235 should be used as a stop-loss to manage risk,' said the analysts at Anand Rathi.
ONGC shares closed 1.6 per cent lower at ₹ 252.30 after Tuesday's stock market session, compared to ₹ 256.40 at the previous market close.
The shares of the Maharatna oil PSU have given stock market investors more than 193 per cent return on investment in the last five years. However, the shares have lost 8.64 per cent in the last one-year period.
On a year-to-date (YTD) basis, ONGC shares have gained 6.34 per cent in 2025 and 1.94 per cent in the last five trading sessions.
The shares hit their 52-week high level at ₹ 344.60 on 1 August 2024, while the 52-week low level was at ₹ 205 on 7 April 2025, according to the data collected from the BSE website. The oil company's market capitalisation was more than ₹ 3.17 lakh crore as of the stock market close on Tuesday, 17 June 2025.
Read all stories by Anubhav Mukherjee
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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