Target 150 | CUP & HANDLE | FLAG & POLE | DOUBLE BOTTOM

The brokerage values ONGC NSE -0.45 % at 4x FY23E EV/EBITDA to arrive at Rs130 TP, assuming USD2.3/2.7 APM prices for FY22/23. Under a blue sky scenario - USD60/bbl Brent, USD3.5/mmbtu gas price and KG-DWN-98/2 ramp up, FV comes above Rs170/sh.