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Trading Insights: NSE ONGC & SBIN

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NSE ONGC: Path to 360+ with Strategic Entry Points

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Timeframe: Daily

NSE ONGC is showing a structured ABC correction on the 2-hour timeframe chart. Currently, the price is forming wave 5 of wave (C) within wave ((4)), indicating that a new impulsive movement is likely to begin soon. The price is trading below the 50, 100, and 200 EMA bands, with an Average True Range (ATR) of 2.86.

ONGC faces strong resistance at 302, which could pose a significant hurdle for the bulls. If the price breaks above 302, cautious traders may target the following levels: 325 – 349 – 360+. Sub-wave formations can be beneficial for identifying optimal entry points.

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NSE SBIN: Elliott Wave Projection

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