ONGC.NS Stock Today: OI Surge, 52-Week High in Focus – February 23
ONGC share price is in focus after a strong derivatives signal and a new 52-week high of ₹280.80. On February 20, open interest rose 10.38% with 14,723 fresh contracts as price and volume advanced together, hinting at long build-up. The stock last closed at ₹274.65 with day high ₹276.45 and volume of 37,728,943 versus 12,487,047 average. With crude swings and policy cues in play, traders will watch if ONGC stock today extends gains toward the recent top while managing risk near supports.
Derivatives setup: Long build-up at highs
On February 20, ONGC open interest rose 10.38% with 14,723 additional contracts alongside rising futures volume. Price strength near the top suggests fresh long positions rather than short covering. For intraday traders, this alignment typically supports follow-through if global crude prices stay stable and domestic sentiment holds. We will track roll activity and put writing around near strikes for confirmation.
Price closed at ₹274.65 after touching ₹276.45 intraday, while the 52-week high stands at ₹280.80. Turnover was heavy, with 37,728,943 shares traded versus a 12,487,047 average, reinforcing the long-bias narrative. This setup often favors dips being bought. Still, a close below the prior day’s low could hint at profit-taking, so risk placement matters as the stock hovers near records.
We will watch ONGC stock today for a hold above ₹270-272 early in the session, sustained futures OI build, and put additions at at-the-money and slightly out-of-the-money strikes. Crude moves overnight and any domestic policy developments may sway direction. Sentiment remains constructive if price respects higher lows while OI builds; the opposite warns of a near-term pause.
Technical picture at the 52-week high
Trend strength is firm with ADX at 30.12. RSI is 62.82, indicating positive momentum without being stretched, while MFI at 80.72 is overbought. MACD Histogram is -0.05, signaling a near crossover zone. Stochastic %K/%D at 75.96/70.68 also shows momentum is elevated. Together, these imply upside attempts are likely, but short-term pullbacks can appear quickly.
Immediate resistance is the ONGC 52-week high at ₹280.80, followed by the upper Bollinger Band near ₹284.92. Initial supports sit at the day low ₹267.85 and the Keltner middle around ₹265.91. Deeper supports are at the 50-DMA ₹247.41 and 200-DMA ₹244.18. Above ₹280.80, momentum could extend; below ₹267-268, expect consolidation.
ATR at ₹7.83 implies a typical daily swing of about ₹7-8. Bollinger Bands are 249.16 to 284.92, showing an expanded range. With momentum elevated, traders should size positions so a routine pullback does not trigger stops prematurely. For swing setups, consider partial profits near resistance and trail stops under higher lows to stay aligned with the prevailing trend.
Fundamentals and events to track
At the last close, market cap is ₹3,505,494,800,752, P/E is 9.21, P/B is 0.95, and dividend yield is 4.84%. ROE stands at 10.36% with debt-to-equity at 0.48. These metrics keep downside supported when sentiment cools. A B+ quant grade with a BUY tilt underlines constructive fundamentals, even as near-term swings track crude.
Next results are due on May 19, 2026. Between now and then, the ONGC share price will react to crude and gas pricing updates, any domestic policy changes, and upstream cost trends. Watch spreads, production commentary, and capex guidance for clues on cash flows and dividends. Stable operating metrics can keep valuations anchored near current multiples.
Recent commentary highlights improving sentiment toward the stock amid operational tailwinds source. Derivatives trackers also flagged the OI surge as bullish source. A clean breakout above ₹280.80 could target the upper band near ₹284.92, while supports at ₹267.85 and ₹265.91 are key for risk control.
Final Thoughts
Our read for February 23: if price stays above ₹270-272 with rising OI and steady volumes, the ONGC share price can attempt another test of ₹280.80, with ₹284.92 as a near-term extension. A slip below ₹267-268 would point to consolidation toward ₹265.91. Medium-term, valuation at 9.21x earnings and a 4.84% yield provide support, while trend metrics remain firm. Traders can buy on dips with tight stops near recent higher lows. Investors may accumulate gradually, focusing on earnings on May 19 and crude moves. First mention of ONGC.NS for live tracking.
FAQs
What is the key trigger for ONGC on February 23?
Watch whether price holds above ₹270-272 with rising open interest and firm volumes. A sustained move above that zone keeps momentum intact toward ₹280.80. Failure to hold could bring consolidation toward ₹265.91. Overnight crude moves and any policy headlines will also influence direction on the day.
Is the ONGC share price overbought now?
Momentum is elevated but not extreme. RSI is 62.82, while MFI at 80.72 is overbought. That means pullbacks can occur even in an uptrend. As long as price respects higher lows and key supports near ₹267.85-₹265.91, the broader structure remains constructive for the short term.
What are the near-term support and resistance levels?
Immediate resistance is the 52-week high at ₹280.80, then the upper Bollinger Band near ₹284.92. Supports are at the day low ₹267.85 and Keltner middle around ₹265.91. Deeper supports sit near the 50-DMA ₹247.41 and 200-DMA ₹244.18 for positional traders.
How do fundamentals stack up for ONGC now?
Valuation looks reasonable with P/E at 9.21 and P/B at 0.95, plus a 4.84% dividend yield. ROE is 10.36% and debt-to-equity is 0.48. These provide a cushion if sentiment cools. Upcoming results on May 19, 2026, and crude price trends will be key for the next leg.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.