Bullish on oil stocks: Jitendra Mehta

Jitendra Mehta, Technical Analyst, Edelweiss discusses the prospects of oil stocks following the fuel price hike on ET Now.

How much more cost technically are you seeing on the charts for oil stocks to run?

Essentially with today's move you can actually sees it much of the moment has already happened now. From fresh sentiment that the risk reward will not be very respectable here, its must be pure momentum play. May you enter and exit, whatever 5%-7% gains are there but then otherwise I do not see a technical trade here now.

Are you saying that traders who are playing on the stocks right now should book out?

Say 15%-16% gain for the day and after 7 days of up move, you might be getting a good trading exit also.