Here is ONGC derivative strategy by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
ONGC: Ratio Call Spread
310 CE 1 lot
320 CE 2 lots
ONGC is in Long- Long Unwinding Cycle
Positive sector outlook along with unwinding in 290-300 CE, could see stock inching higher towards 320.
Put concentration at 290 should act crucial support. Since we are playing momentum, Ratio Call Spread is recommended
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Sacchitanand Uttekar is an Equity Technical Analyst at Motilal Oswal Securities