ONGC shares fell by -0.98%

Business: Today, September 27, at 1:01 pm, ONGC shares were trading at 292.2 yen, down -0.98% from its previous close. The Sensex was trading at Rs 85,616.08, down -0.26%. The stock touched a high of Rs 297.4 and a low of Rs 290 during the day.

Technically, the stock is trading above the 300-day SMA and below the 5-, 10-, 20-, 50- and 100-day SMAs. The stock will see support at the 300-day SMA and resistance at the 5-, 10-, 20-, 50- and 100-day SMAs. The SMA value of the stock is:

Daily Simple Moving Average
5,293.95
10,292.77
20,304.58
50,317.72
100,296.12
300,271.58
Classic pivot level analysis shows that the major resistance levels of the stock in this time frame are ₹298.3, ₹301.85, ₹305.2 and major support levels are ₹291.4, ₹288.05 and ₹284.5.

Trading volume of ONGC on NSE and BSE at 1 pm today increased by 30.54% compared to the previous session. Apart from price, trading volume is an important indicator to study trends. A positive price movement with high volume indicates continuation of the bullish trend, while a negative price movement with high volume may indicate further price decline.

In short, as per Mint’s technical analysis, continued decline in the stock price suggests that a downtrend is underway.

From a fundamental perspective, the company’s ROE is 15.88%. The current P/E ratio of the stock price is 8.25 times.

The stock is expected to rise by 13.36% in 1 year and the target price is Rs 331.25.

As per June quarter filings, the company holds 58.89% promoter shares, 10.86% MF shares and 8.57% FII shares. The MF ownership ratio fell to 10.86% in the June quarter from 11.06% in March.

FII holdings declined to 8.57% in the June quarter from 8.88% in March.

ONGC shares fell -0.98% to Rs 292.2 today, while its peers were mixed. While rivals like Reliance Industries and Oil India ended in the red today, Hindustan Petroleum and Petronet LNG were among the losers. Overall, benchmark indices Nifty and Sensex declined 0.02% and -0.26%, respectively.