My View on ONGC — Daily Chart**1. Key Observation**
ONGC is moving towards an important demand zone around **₹238–₹241**.
The **May 29 candle** initiated heavy buyer activity, which looks like possible absorption from lower levels. On **Jun 4**, price created resistance, acting like a **dynamic pivot**.
Now price is coming back near the support area, and the **Jan 9 candle wick zone** can act as an important support reference. Also, near **₹261**, a Fair Value Gap is visible, which can act as the first upside magnet if reversal starts.
**2. My View**
I am not looking to chase at the current level. My buy interest starts only if ONGC comes near **₹241** and shows support / buyer reaction.
If buyers defend this zone, ONGC can give a short-term reversal move.
**3. Invalidation**
The setup becomes invalid if ONGC gives a **daily candle close below ₹238**.
**4. Risk-Reward**
Entry near **₹241**, SL below **₹238**, and target near **₹262** gives approx **1:7 risk-reward**, which makes this setup attractive for a long-side study.
**5. Target Point / Range**
Target: **₹262**
Extended range: **₹268** if momentum continues.
**6. Why It’s Good for Long**
This is good for a long setup because price is coming into a demand zone, risk is small, and upside room is bigger compared to the stop-loss. The chart also shows possible buyer absorption near lower levels.
**7. Time Period**
This view is mainly for the **July contract**, if planning through options. Since it is an option trade setup, entry timing and support confirmation near **₹241** are very important.
I am not a SEBI-registered analyst. This idea is shared purely for educational and study purposes. Please do your own analysis or consult a certified financial advisor before taking any trades.
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Long
