Ask Moneycontrol: Experts answer reader queries on IOC, ONGC and other stocks

Bears dominated D-Street in the first six months of 2020 but going by experts’ commentary, bulls could set the trend for the second half of the year.

Largecaps, which topped the charts in 2019, saw muted gains in 2020 while small & midcaps outperformed relatively.

Most global institutions paint a very grim macro picture for India for the next 6-12 months, but experts feel that the time is right to pick the right stocks and then sit tight.

Unprecedented global liquidity is something which is fuelling the rally in equity markets across the globe even as fundamental of the Indian economy and earnings projections tell a different story.

Stock selection remains to be the key at this point in time. A quality stock bought at attractive valuations will turn out to be a wealth creator when the tide reverses, suggest experts.

Here are answers to a few queries that were asked on Facebook by viewers of our chat show with Kayezad Adajania, Editor – Personal Finance, Moneycontrol. The answers/advises on the queries comes from Vishal Wagh, Research Head, Bonanza Portfolio Ltd.

Q) Kalpana Muralidharan: Is it good to be invested in Ashok Leyland at current levels?
Vishal Wagh: Ashok Leyland is trading below 50-Days EMA and RSI is also weak. Till the time it is trading below 52 levels it will remain under pressure.

The auto sector is also facing various trouble since the last couple of years one should invest in stronger counters in this sector.

Q) Shanta Sinha: What is the future of the ONGC share price?
Vishal Wagh: ONGC is trading around its 50-Days EMA, and one should hold it with a stop loss below Rs 77. If it able to hold above the 50-Days EMA, a move towards Rs 90 cannot be ignored.

Q) Laiju Cleetus: What is the view on ONGC?
Vishal Wagh: ONGC is trading around its 50-Days EMA, and one should hold it with a stop loss below Rs 77. If it able to hold above the 50-Days EMA, a move towards Rs 90 cannot be ignored.

Q) Devkant Richa Sharma: What is the view on ONGC, and Essel Propack?
Vishal Wagh: ONGC is trading around its 50-Days EMA, and one should hold it with a stop loss below Rs 77. If it able to hold above the 50-Days EMA, a move towards Rs 90 cannot be ignored.

Essel Propack
The chart of Essel is making higher high, and higher low chart formation and it is holding well above its 50-Days EMA.

One should hold it will a stop loss of 174. It may test the recent high of 204. A close above this level could take the stock towards Rs 230.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.