Oil & Natural Gas Corporation Ltd. CMP—Rs 256.95

Technical Outlook & Trading Strategy:-

The share price of ONGC has registered a breakdown form a descending triangle formation on its weekly chart.

It should be noted that descending triangle breakdown signifies distribution and suggest price decline.

We believe that the stock price could decline towards the levels of Rs 249 /Rs 245 in the near term.

We recommend Sell at current levels and again on pullbacks to the level of Rs 259 - Rs 261 with a stop loss placed above Rs 265.60.

Mahindra & Mahindra Ltd. CMP—Rs 765.10

Technical Outlook & Trading Strategy:-

The share price of Mahindra & Mahindra has registered a breakout from a Symmetrical Triangle pattern.

We believe that this breakout suggest strength and indicate a possible up move to the levels of Rs 790-Rs 800 /Rs 814in the near future.

On the oscillator front the ADX has already given a buy signal with a bullish crossover suggesting build up on the upside.

We recommend buy at current levels and again on pullbacks to the level of Rs 753 - Rs 747 with a stop loss placed below Rs 732.70.

NTPC Ltd. CMP—Rs 166.40

Technical Outlook & Trading Strategy:-

The share price of NTPC Ltd. has been trading in a well defined declining channel on its weekly charts.

As shown in the chart above the price has been taking support at its declining trendline. But a sustained break below the 164.50 levels will lead to a breakdown on the chart.

This event would then bring in fresh supply into the stock which could then drag the price to levels of 151 over the medium term.

For the upcoming week traders take short positions in the stock on a sustained break below 164.50 levels with a stoploss placed above 168.85 levels for downside targets of 159.50 / 157 levels.