ONGC Shares: SEBI RA Deepak Pal Sees Long-Term Entry Point Near ₹240

Following a period of decline due to geopolitical tensions, Oil & Natural Gas Corporation’s (ONGC) shares are showing signs of consolidation, indicating a potential trend reversal.

According to the weekly chart, ONGC has seen a steady decline over the past two weeks, primarily due to the conflict between Israel and Iran, which led to fluctuations in global crude oil prices, SEBI-registered analyst Deepak Pal said. However, following the announcement of a ceasefire, volatility in the stock has eased.

After this corrective phase, ONGC stock is finding strong support near its 14-day exponential moving average (EMA), a key trend indicator, the analyst added.

On the daily chart, the stock is consolidating within a tight range between the 14-day and 55-day EMAs, suggesting a potential base formation. ONGC has consistently held the crucial ₹240 support level, with a reversal recently seen from that zone.

On the upside, minor resistance is visible around ₹247, placing the stock within a narrow trading band of ₹240 - ₹250. As long as the ₹240 support holds, the broader structure remains bullish, Pal added.

A breakout above ₹250 could push the stock toward ₹255 - ₹260 levels in the near term. Long-term investors can consider accumulating on dips with a stop loss at ₹230, he said.

At the time of writing, the stock was trading at ₹243.47, down 0.7%.

Year-to-date (YTD), the shares have gained 2.6%.

ONGC is a Maharatna PSU with a market cap of around ₹3.03 trillion. Backed by strong cash flows, low debt, and a generous 5% dividend yield, ONGC remains a value-driven energy company that invests aggressively in capital expenditures and green energy.

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