Oil and Natural Gas Corporation Limited Stock Forecast
Oil and Natural Gas Corporation Limited stock price ended at ₹282.90 on Friday, after gaining 0.337%.
(Updated on Apr 26, 2024)
The Oil and Natural Gas Corporation Limited stock price gained 0.337% on the last trading day (Friday, 26th Apr 2024), rising from ₹281.95 to ₹282.90. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.40% from a day low at ₹282.20 to a day high of ₹286.15. The price has risen in 7 of the last 10 days and is up by 5.19% over the past 2 weeks. Volume fell on the last day by -6 million shares and in total, 11 million shares were bought and sold for approximately ₹3.13 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.76% during the next 3 months and, with a 90% probability hold a price between ₹274.20 and ₹305.11 at the end of this 3-month period.
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ONGC.NS Signals & Forecast
The Oil and Natural Gas Corporation Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹278.17 and ₹270.88. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -0.0883%. Further fall is indicated until a new bottom pivot has been found.
A sell signal from a double top formation was found on Tuesday, April 16, 2024 and based on theory for this formation the price should fall by -6.98% to ₹263.16 within 27 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Oil and Natural Gas Corporation Limited stock
Oil and Natural Gas Corporation Limited finds support from accumulated volume at ₹279.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹3.95 (1.40%) between high and low. For the last week, the stock has had daily average volatility of 1.45%.
Our recommended stop-loss: ₹273.78 (-3.22%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (ONGC.NS) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Oil and Natural Gas Corporation Limited to open at ₹283.75, and during the day (based on 14 day Average True Range), to move between ₹275.52 and ₹290.28, which gives a possible trading interval of +/-₹7.38 (+/-2.61%) up or down from last closing price. If Oil and Natural Gas Corporation Limited takes out the full calculated possible swing range there will be an estimated 5.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹283.15 (0.09%) than the support at ₹279.85 (1.08%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Oil and Natural Gas Corporation Limited stock A Buy?
Oil and Natural Gas Corporation Limited holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 6.671 Strong Buy Candidate Unchanged
Predicted Opening Price for Oil and Natural Gas Corporation Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| ₹283.75 ( 0.300%) | ₹282.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ONGC.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 287.70 | 1.70 % | |
| R2 | 286.19 | 1.16 % | ||
| R1 | 285.26 | 0.83 % | ||
| Current price: | 282.90 | |||
| Support | S1 | 282.24 | -0.233 % | |
| S2 | 281.31 | -0.562 % | ||
| S3 | 279.80 | -1.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 283.75 | 0.300 % | ||
| R1 | 283.15 | 0.0884 % | ||
| Current price | 282.90 | |||
| Support | S1 | 279.85 | -1.08% | |
| S2 | 252.50 | -10.75% | ||
| S3 | 249.20 | -11.91% |
ONGC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 16, 2024 | Feb 16, 2024 | Mar 10, 2024 | ₹4.00 | 1.44% |
| 2 | Nov 21, 2023 | Nov 21, 2023 | Nov 21, 2023 | ₹0 | 0% |
| 3 | Feb 24, 2023 | Feb 24, 2023 | Feb 24, 2023 | ₹4.00 | 2.58% |
| 4 | Nov 21, 2022 | Nov 21, 2022 | Nov 21, 2022 | ₹6.75 | 4.98% |
| 5 | Aug 18, 2022 | Aug 18, 2022 | Aug 18, 2022 | ₹3.25 | 2.40% |
FAQ
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