ONGC has resistance at Rs 1040-1050: Bose

Technical Analyst, Rajat K Bose is of the view that Oil and Natural Gas Corporation, ONGC has resistance at Rs 1040-1050.

Bose told CNBC-TV18, "ONGC would face resistance around Rs 1040-1050 levels and unless or until one see decisively clearing that level, I for one wouldn’t be betting on that and one thing is there particularly whenever ONGC spurts on a particular day, the following day has never been very good and mostly there could be a case when ONGC moved up maybe for the 3 sessions in a row but generally it doesn’t. On the downside, I would be looking at Rs 970 and unless it breaks that, it might try to move up."

Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.