Go short on OMCs such as HP, BP: CK Narayan

In a chat with ET Now, CK Narayan, Growth Avenues Asset Advisors, shares his views on OMC pack.

How would you trade the OMC pack?

There is only one way to go as far as HP, BP etc. are concerned and that is to go short. Having said that, current levels would not qualify really for going short but the fact remains that good news or bad news these stocks really do not react upwards.

So, most of the buying in them is done. So use any rallies to go short. It will be very difficult for them to really put together any significant upside. So, any upside that you do get with an upward drift in a rising market would be yet another chance for you to sell and for traders to create some short. So I would approach all of them with a negative bias.