Favourable RR OPTIONS in ONGC

Technical Analysis -
1. Falling channel breakout above DZ turned SZ
2. Going from lower range to higher range of rising channel
3. Sustaining above 20EMA & towards 200 EMA
4. OI data supportive - A Short Covering is to be seen after Long Buildup wipe out last 2 days Short Buildup

Go long in ONGC by buying CE -
1. ENTRY / TARGET as per spot chart - 139.2 / 144
2. SL using spot chart - 138
3. RR - 1:4
4. Strike Price - ONGC 25 AUG 140 CALL (or a little OTM as per your risk taking capacity)

Other considerations -
1. Considerably good result (might not be as per expectations)
2. Huge demand still to be seen given the dividend ex-date on 18th Aug'22
3. Avoid this trade if opens Gap Up or Gap Down by 1%

This is for educational purpose for others & not a recommendation. Please do a thorough analysis of your own before entering the trade.