Oil marketing cos are decent trade to be in: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks about OMCs.

ET Now: Is there a quick trade to trade in when it comes to OMCs?

Ashwani Gujral: I have maintained that OMCs will at least hold up, and as crude breaks below probably $90. Oil marketing companies (OMCs) will rally as well, so OMCs are decent trade to be in. They will at least protect your capital and I see easily 10-15% gains because crude is now definitely broken down and chances are we will get towards $80-85 or NYMEX crude. Now Brent still needs to fall, so once Brent starts falling below 100. Then you will probably see sharper moves happening on oil marketing.