Market strategy, stock ideas by Ajit Mishra of Religare Broking on Thursday
Oil and Natural Gas is in focus.
· Business Standard Mkts
Ajit Mishra reckons that the near-term structure of the market remains weak. The analyst sees strength in Engineers India, and weakness in ONGC on charts.
The analysis
Against that, the stock is -1.3% on the day at ₹219.03, and has returned -11.0% over three months. It sits 27% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -0.3% over the same period, so Oil and Natural Gas is running 10.7 points behind its peers.
For Oil and Natural Gas, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.
Market context
- The company directly in focus is ONGC.
- Sector exposure: Oil & Energy.
In this story
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