Medium-term charts for oil refineries interesting: Devang Visaria

In a chat with ET Now, Devang Visaria, Chief Strategist, devangvisaria.com, gave his views on MTNL nad oil companies BPCL and HPCL. Excerpts:

You like MTNL. Along with that you also like oil marketing companies BPCL and HPCL. Why do you like these stocks?

The medium-term charts for the oil refineries are very interesting and for the past three weeks or two weeks rather, we are seeing some kind of a correction on this stock accompanied with very low volumes and the stocks are trading near to a very crucial support area. So it is a good strategy to accumulate these stocks and buy them at their supports and look for a pullback rally back on upside. MTNL was consolidating in a range of 64 and 68 levels or so and looks likely to break out on the upside. So you have a small trading buy on MTNL. Other stock we like is Reliance Infra, with a stop just below 1125. You could trade long on this one for targets of 1200.