Robust Trading Volumes and Price Action
ONGC recorded a total traded volume of 97,69,335 shares on 20 Feb 2026, translating to a traded value of approximately Rs 272.05 crores. This volume represents a significant spike compared to its recent averages, underscoring heightened market interest. The stock opened at Rs 277.4 and touched an intraday high of Rs 280.8, marking a 2.24% gain from the previous close of Rs 274.65. The last traded price stood at Rs 278.4 as of 09:43:46 IST, reflecting a day change of +1.53%, outperforming the Oil sector’s 0.32% gain and the Sensex’s marginal 0.07% rise.
Such elevated volumes combined with price appreciation typically indicate strong accumulation by institutional and retail investors alike. The delivery volume on 19 Feb 2026 was 1.74 crore shares, a 72.9% increase over the five-day average delivery volume, signalling genuine investor commitment rather than speculative trading.
Technical Strength and Moving Averages
ONGC’s price is currently trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — a classic technical indicator of sustained bullish momentum. This alignment suggests that the stock is in a strong uptrend, supported by consistent buying pressure. The consecutive gains over the last two trading sessions have yielded a cumulative return of 5.65%, reinforcing the positive sentiment.
The stock’s ability to breach its previous resistance levels and establish a new 52-week high at Rs 280.8 is a significant technical milestone. This breakout often attracts momentum traders and long-term investors seeking to capitalise on further upside potential.
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Fundamental Strength and Market Position
ONGC remains a dominant player in the Oil industry with a market capitalisation of Rs 3,50,612.38 crores, categorising it firmly as a Large Cap stock. The company’s strong fundamentals are reflected in its high dividend yield of 5.02% at the current price level, making it an attractive proposition for income-focused investors.
The company’s mojo score stands at 75.0, with a mojo grade upgraded from Hold to Buy on 5 Feb 2026, signalling improved outlook and confidence from MarketsMOJO’s proprietary rating system. The market cap grade is 1, indicating top-tier market capitalisation and liquidity.
Liquidity and Trading Viability
Liquidity remains robust, with the stock’s average traded value over five days supporting trade sizes up to Rs 11.84 crores without significant price impact. This level of liquidity is crucial for institutional investors and large traders seeking to enter or exit positions efficiently.
Accumulation and Distribution Signals
The surge in delivery volumes alongside rising prices is a textbook sign of accumulation, where investors are buying and holding shares rather than engaging in short-term trading. This accumulation phase often precedes sustained price appreciation as supply tightens and demand intensifies.
Moreover, the stock’s outperformance relative to its sector and the broader market indices suggests selective buying interest, possibly driven by positive sectoral developments or company-specific catalysts such as improved earnings outlook, government policy support, or favourable crude oil price trends.
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Sectoral Context and Broader Market Impact
The Oil sector has witnessed moderate gains recently, with ONGC’s 1.53% day change comfortably outpacing the sector’s 0.32% rise. This relative strength highlights ONGC’s leadership within the sector and its ability to attract capital flows even when the broader market is subdued.
Given the global energy landscape’s volatility, including fluctuating crude oil prices and geopolitical tensions, ONGC’s strong volume and price action may reflect investor confidence in its operational resilience and strategic positioning.
Investor Takeaway and Outlook
For investors, ONGC’s current trading pattern offers a compelling case for accumulation. The combination of strong volume, price breakout, positive mojo grade upgrade, and attractive dividend yield creates a favourable risk-reward profile. However, investors should remain mindful of external factors such as crude oil price volatility and regulatory changes that could impact the stock’s trajectory.
Technical indicators suggest the stock is well poised for further gains, provided it maintains support above key moving averages and sustains delivery volumes. The recent upgrade from Hold to Buy by MarketsMOJO on 5 Feb 2026 further reinforces the positive sentiment surrounding ONGC.
In summary, ONGC’s exceptional volume surge and price performance on 20 Feb 2026 mark it as a stock to watch closely for both short-term momentum traders and long-term investors seeking exposure to India’s oil sector.
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