Bearish on oil and gas companies' stocks: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now talks about oil and gas companies.

What do you make of the strength in very select group of oil and gas companies, especially the gas ones, Petronet LNG, GAIL, even RIL is firm today but purely chart checks for GAIL and Petronet LNG?

They have been relatively quiet during this rally. It is a little bit of rotation and a little bit of defensive buying because if you look at the broad based market today, advance declines and sell ratios as we had last couple of days and the money seems to be going a little bit into the stocks which had been quiet in the last 3-4 days. Cairn especially has been an underperformer. Today you see a bit of demand there. Of course it would be linked to some extent to crude oil going up but it is not really a runaway move in crude oil. This looks more lie defensive rather than crude oil linked.