Bullish on oil and gas sector: Sajiv Dhawan

ET Now spoke to Sajiv Dhawan, MD, JV Capital Services, about the oil and gas space.

What is your call given this morning's opening on specially the oil and gas space?

That is a sector we like a lot apart from ONGC. The focus has been clearly on the oil marketing companies whether you are trader, an investor. The sector has been re-rated, you are seeing stocks like HPCL, BPCL very very resilient, very strong, a lot of institutions who maybe a bit sceptical initially after decontrol news, they are buying into the sector, valuations relatively not so bad. Yes, you got the government angle, they are always but there is always the chance of further decontrol in diesel. Not very likely for sure but still a great sector and maybe a gas authority around 440 levels would be a good stocks for investors to come back into and if you are looking at Reliance, then from our perspective that is an accumulate that the downside maybe in a few more percentage points with the institution lack of interest but at some stage if the Nifty is going to cross 5700-5800, you really are probably going to need Reliance's support at some stage.