How to trade in Oil & Gas space now? - Myiris.com

Oil & gas stocks declined after change of guard at oil ministry. Shares of Oil & Natural Gas Corporation (declined 2.02%), Reliance Industries (declined 1.2% and Indian Oil Corporation (declined Rs 0.15, or 0.05%) were beaten down.

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A total of 37 changes in the allocation of portfolios were made in the Union Cabinet reshuffle on Wednesday, Jan.19, 2011. In one of the significant changes, Sudini Jaipal Reddy replaced Murli Deora as the Oil Minister. The move comes in couple of days after yet another hike in petrol price. State-owned oil companies had last week raised petrol prices by Rs 2.50-Rs 2.54 per litre, the second hike in a month, on back of rising crude oil prices. It was also the sixth hike in the last seven months after the government on June 25, 2010.

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ONGC: The stock is weak below 1,249 (200DMA), and currently is over sold, minor reversals can be expected. It has strong support at 1,100 levels while resistance is seen at 1,220. The current price rise can be utilised to reduce the holdings at this counter.

How to trade in Oil & Gas space now? - Myiris.com