According to technical analysts, the ONGC stock has been creating a higher top higher bottom structure, indicating a good overall trend. The immediate supports are positioned between 194 and 190.

According to a PTI report, as part of its energy transition preparations, ONGC plans to invest over 1 lakh crore in the construction of two petrochemical plants that will directly convert crude oil into high-value chemical goods. This was announced by senior corporate leaders on Wednesday.

According to PTI, ONGC Director (Finance) Pomila Jaspal stated during an investor call on the company's second-quarter earnings that the business is planning to establish separate oil-to-chemical (O2C) projects.

"We intend to invest a million rupees by 2028 or 2030 in two projects in two different states," said D Adhikari, Executive Director and Chief of Joint Ventures and Business Development at ONGC, during an investor call. "Our plan is to raise petrochemical capacity to 8.5-9 million tonnes by 2030." According to a CNBC-TV18 report, management expects to begin oil production in November 2023 and gas production in May/June 2024, which adds to the stock's favourable sentiment.

According to trendlyne statistics, ONGC's stock price increased 42.26% in the last year, outperforming its sector by 36.35%. 

"We are seeing a gap up opening , but no major traction post opening gains, overall the stock is in uptrend now placed around its all time high levels of 202 registered in 2014 (dividend adjusted) overall one should maintain positive approach as price can extend upmove towards 220 in the near term and any dip towards 194 - 190 should be bought into," said Rajesh Bhosale, equity technical and derivative analyst Angel One, in a statement.

On Friday, November 10, ONGC reported its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a 142% increase in consolidated net profit at 16,553 crore, compared to 6830 crore in the same time last year.