Avoid oil marketing stocks from a short term angle: Mehraboon Irani

In a chat with ET Now, Mehraboon Irani, Principal & Head-Private Client Group Business, Nirmal Bang Securities, talks about oil marketing stocks.

ET Now: So if you do not expect rupee to appreciate or dollar to depreciate, do you think somewhere it is time to cash out of oil marketing stocks?

Mehraboon Irani: Oil marketing companies stock prices have gone up a little bit too sharply and at the present valuations, at the present prices I am not going to recommend them all over again. This space could turn out to be very interesting because whosoever forms the government, they will have to work very quickly on the subsidies part and that process is going to continue because credit rating agencies are watching us. This space will continue to be of great interest to the market. We also have the gas prices issue so oil and gas pack will continue to attract attention. Oil marketing companies are little bit too expensive and I will look at names like Oil India at no. 1, ONGC at no. 2 and Reliance as the dark horse, though none of the three stocks I am recommending at the moment to be bought in hurry from a short term angle.