ONGC share price analysis (Oil and; Natural Gas Corporation Ltd.): Today market was staying with a range area of Rs. 190 to Rs 187 (price change -1.46%) Based on our Gann Intraday Pivot Calculation, there was a natural square price grid stock resistance around 191.24 and stock support around 187.80.
Market day high was 191.10 which was very close to the resistance level of 191.24. Then day low as at 187.50 which also very close to the wd Gann grid support level of 187.80. Also very close to 187.26 major S1
Indicator Used:
Chart Analysis:
Above is the stock chart of ONGC at NSE(National stock exchange), among Nifty 50 listed large capitalized stocks. As you can see, we have marked the range area on the chart with the Gann grid pivot support and resistance lines. These lines are acting as range upper and lower levels.
At this point, we can see the market had created a bottom of Grid S1 level. Then it created an intraday top at B area. Again it created another double top at C area of the same resistance grid R1. Then finally fallen up to D area which is again the grid S1.
Profit Opportunity:
From all these points market had moved at least Rs.2 to Rs.2.5 per share. That is almost a 1% intraday gain with these trades.
