Long position can be considered on IOC only if price is sustaining above 121 on hourly charts for target of 127.75 followed by 133.85 and 139.65.
However, as per my observation on IOC price action I am of the opinion that the range for trading on IOC is 112 on downside and 121 on upside. Its better to write relevant options or to take benefit of high dividend yield on IOC.
Further, shorting can be considered if the price is sustaining below 110.25 on hourly charts for the target of 106.25 followed by 101.50.
At CMP IOC is in no trade zone.
Will share the trade idea for all segments (FnO and Cash) in IOC at request only.
P.s.- Please trade as per your comfort and risk.