As per the views of Karvy Stock Broking Limited, the day traders can purchase ONGC stock between Rs 1000-1005 with a stop loss of Rs 995 to achieve an upper resistant intraday target of Rs 1028.

If the stock market remains on positive track, the ONGC stock could easily touch its next intraday target of about Rs 1030.

Shares of the company closed at Rs 1002.4 on Thurday at BSE. The total volume of shares traded was 295062. The stock has seen a 52-week high of Rs 1386.9 and a low of Rs 770 on BSE. Presently, the stock is showing P/E and EPS of Rs 13.07 and 76.91 respectively.

ONGC stock has much potential to climb to the target price as the company has good growth outlooks considering its projects under implementation and influential future plans.

According to the news, Oil & Natural Gas Corporation Ltd (ONGC) is set to buyback Cairn India’s stake in the Cambay Basin block. Cairn holds 30% stake in the block CB-ONN-2001/1 with remaining 70% held by the public sector exploration company, ONGC.

A senior ONGC official told that the company’s board, which met last Saturday, has given its nod for acquiring Cairn’s stake in the onshore Gujarat block. ONGC is likely to pay around Rs 5 crore for acquiring the stake. The block was awarded to ONGC in the third round of New Exploration Licensing Policy (NELP), when the public sector company held 100 per cent stake and operatorship.

Besides, ONGC Videsh, a 100% subsidiary of ONGC entered into a major partnership with Venezuela`s PDVSA for jointly developing San Cristobal Oil Field.

Other stocks from the same sector that looks good for short-term trading includes Cairn India, GAIL and Reliance Natura.