Key Events This Week
23 Feb: MarketsMOJO downgrades ONGC to Hold amid mixed technical and financial signals
24 Feb: Technical momentum shifts to mildly bullish with mixed indicator signals
25 Feb: Technical momentum upgrades to bullish as stock nears 52-week high
26 Feb: ONGC hits new 52-week high at Rs.280.95
27 Feb: Stock reaches fresh 52-week high at Rs.281.8
23 February 2026: Downgrade to Hold Amid Mixed Signals
On 23 February, ONGC’s stock price declined by 1.11% to close at Rs.275.60, underperforming the Sensex which gained 0.39%. This drop coincided with MarketsMOJO’s downgrade of ONGC from a 'Buy' to a 'Hold' rating. The downgrade reflected a reassessment of the company’s valuation, technical indicators, and flat quarterly financial performance. Despite attractive valuation metrics such as a low PE ratio of 9.12 and a dividend yield of 5.00%, mixed technical signals and flat recent earnings tempered enthusiasm. The technical grade shifted from bullish to mildly bullish, signalling a cautious outlook despite ONGC’s strong long-term fundamentals.
24 February 2026: Technical Momentum Turns Mildly Bullish
Following the downgrade, ONGC’s stock rebounded modestly by 0.38% to Rs.276.65, outperforming the Sensex which fell 0.78%. Technical analysis revealed a nuanced shift to mildly bullish momentum. Weekly MACD remained bullish, but monthly MACD turned mildly bearish, indicating weakening longer-term momentum. The weekly RSI was bearish, suggesting short-term selling pressure, while daily moving averages stayed bullish. Bollinger Bands showed mild bullishness weekly and outright bullishness monthly. This mixed technical picture suggested a consolidation phase with cautious optimism among investors.
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25 February 2026: Technical Momentum Upgrades to Bullish
On 25 February, ONGC’s stock price advanced 0.27% to Rs.277.40, continuing its recovery and outperforming the Sensex’s 0.41% gain. Technical momentum improved to a bullish stance, supported by bullish MACD readings on both weekly and monthly charts. Daily moving averages remained positive, and Bollinger Bands confirmed a bullish trend. Despite a bearish weekly RSI, the overall technical outlook suggested strengthening momentum. The stock traded near its 52-week high of Rs.280.80, signalling resilience and potential for further gains.
26 February 2026: New 52-Week High at Rs.280.95
ONGC reached a new 52-week high of Rs.280.95 on 26 February, marking a significant milestone after a three-day consecutive gain. The stock rose 0.99% on the day, outperforming the Sensex which gained 0.19%. Technical indicators showed ONGC trading above all key moving averages, reinforcing a strong upward trend. The company’s dividend yield remained attractive at 4.96%, and its market capitalisation grade stood at 1, reflecting its large-cap status. This new high underscored ONGC’s robust performance amid a volatile market environment.
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27 February 2026: Fresh 52-Week High at Rs.281.8 Amid Sector Strength
ONGC extended its rally on 27 February, hitting a new 52-week high of Rs.281.8 after a four-day consecutive gain. The stock closed marginally down by 0.09% at Rs.279.90 but had traded intraday at the peak level. This milestone came despite a broader market decline, with the Sensex falling 1.16%. ONGC outperformed its sector, the S&P Bse Oil & Gas index, by 0.61%, highlighting its relative strength. The stock maintained its position above all major moving averages, signalling sustained bullish momentum. Over the past year, ONGC delivered a total return of 21.64%, significantly outpacing the Sensex’s 9.64% gain.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-23 | Rs.275.60 | -1.11% | 36,817.86 | +0.39% |
| 2026-02-24 | Rs.276.65 | +0.38% | 36,530.09 | -0.78% |
| 2026-02-25 | Rs.277.40 | +0.27% | 36,679.75 | +0.41% |
| 2026-02-26 | Rs.280.15 | +0.99% | 36,748.49 | +0.19% |
| 2026-02-27 | Rs.279.90 | -0.09% | 36,322.56 | -1.16% |
Key Takeaways
Positive Signals: ONGC demonstrated resilience by outperforming the Sensex with a weekly gain of 0.43% against the benchmark’s 0.96% decline. The stock hit new 52-week highs on 26 and 27 February, supported by bullish technical indicators such as MACD and moving averages. Valuation metrics remain attractive, with a low PE ratio of 9.12 and a dividend yield near 5%, appealing to income investors. Institutional ownership remains strong at 37.41%, providing stability.
Cautionary Notes: The downgrade to a Hold rating by MarketsMOJO reflects mixed technical signals and flat recent financial performance. Weekly RSI readings indicated short-term selling pressure, and monthly MACD showed mild bearishness, suggesting momentum may be moderating. The stock’s proximity to its 52-week high could act as resistance, warranting vigilance for potential consolidation or pullbacks.
Conclusion
Oil & Natural Gas Corporation Ltd’s performance during the week ending 27 February 2026 was characterised by a cautious but positive trajectory. Despite a downgrade in rating and mixed technical signals, the stock’s ability to hit new 52-week highs and outperform the Sensex highlights its underlying strength. Attractive valuation and dividend yield metrics continue to support the investment case, while technical momentum suggests a cautiously optimistic outlook. Investors should monitor key resistance levels and technical indicators closely as ONGC navigates a complex market environment shaped by sector dynamics and broader economic factors.
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