CNXENERGY has formed an inverse H&S and may be poised for a big up move with a target of 10,400.
With the gas pricing decision round the corner, Reliance, ONGC and Oil India could be the big beneficiaries. ONGC has conveyed to the government that it needs a price of $6-7 per unit to make its plan for producing gas from new and ageing fields in the next few years viable.
Gas price hike will benefit ONGC, Oil India more as they produce more than 70 percent of India’s gas requirement.
