Good opportunity to buy Reliance, ONGC and Oil India at lower levels: Deven Choksey

In a chat with ET Now, Deven Choksey, Managing Director, KR Choksey Securities shares his views on the oil and gas sector.

ET Now: When Reliance, ONGC and Oil India react, will the reaction be more sentimental? Should one buy into it?

Deven Choksey: If you look at the impact analysis of this particular move of deferment (assuming that the deferment is for three months), then the impact coming into the books for Reliance is less than 3%, and for ONGC and Oil India is somewhere between 8% to 9% for three months in terms of their performance.

Market would fairly discount this aspect. If the stock price falls below certain level, we would see buying emerging into these stocks. We believe that the gas price hike is inevitable.

New government that comes into power will have to consider it with a very fair viewpoint because it is a part of an agreement which was signed earlier. The ministry and government had already implemented it.

If it is deferred, it would be a good opportunity to buy at lower levels if the market gives sentiment jerks.