Bullish on ONGC: CK Narayan

CK Narayan, President Treasury, Sharyans Resources, in an interview with ET Now talks about ONGC and Reliance.

ONGC and Reliance, how would you trade these stocks, would it be a pair strategy that you would adopt?

Not at the moment I think both of them are having positive momentum so as a pair they may not really work out very well. So I would trade them both from with a slight positive bias mainly because ONGC has some news in it and in addition to the pricing of gas it also has that news element about likely split ahead of the follow up this issue so ONGC might remain bullishly biased a little more than may be Reliance.

Reliance is something which people would like to see go up because they feel that the markets cannot really be much higher or very aggressive without Reliance being a participant but then the recent history has been otherwise and so I would remain somewhat positively biased in both until brought to the higher levels for today where I expect some profit taking in stocks which might include these. May be ONGC could escape it a bit, Oil India could escape it a bit since it is news driven.