In its latest research report, Abhishek Jain, stocksidea. com, said that ONGC, which has been consolidating between Rs 1169-1180 level, can give good returns in the short term.

The report further stated that, if the counter is successful to breach Rs 1259 levels, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price above Rs 1270.

Furthermore, the firm has suggested a support level for the scrip at Rs 1073.

The shares of the company on Friday (Aug 28) closed at Rs 1179.20 on the Bombay Stock Exchange (BSE). The total volume of the shares traded was 185,341. The stock hit an intraday high of Rs 1190 and a low of Rs 1167.40 on BSE.

Current EPS and P/E of the stock stood at 64.44 & 18.30 respectively. The share price has seen a 52-week high of Rs 1229.80 and a low of Rs 538.10 on BSE.

Mr. Jain also said that the stock is looking strong technically. Indicators are also showing good up move for next few days. Traders can buy cash and future for short term.

ONGC announced that it has decided to make an investment of Rs 85.54 billion to produce crude oil from two cluster of marginal fields in the western offshore by 2012.

The company's directors sanctioned developing B-22 cluster and B-193 cluster at an approximated cost of Rs 85.54 billion with foreign exchange component of $1.697 billion.

ONGC, on Aug 17, has approached DoT for allotment of spectrum to set up a captive communication network, which will be based on broadband wireless access system, for its Western Offshore site in the 3.3 GHz frequency band.

According to reports, ONGC has detected a gas field having estimated 1.5 lakh cubic metres of natural gas (hydrocarbon) at Kalaban in Tripura.