Positive on OMCs, go for IOC, ONGC and BPCL: Ashwani Gujral

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

How is GAIL and oil marketing companies looking on the charts?

Oil marketing seems to have corrected quite a bit. It was showing some upside but for that you need consistent downside on crude which probably is not coming up but still IOC, Hind Petro, all of these could give you rallies of 5% to 8%, you could get Hind Petro back to about 420 but I would much rather buy OIL and ONGC instead of trying to getting into these oil marketing companies. BPCL could rally up to levels of 650 in case oil declines further. GAIL is the one which has shockingly corrected fairly sharply. So around 450-460 if you can get that, that would be a good opportunity and these stocks basically it is a 10-15% type of move. You get your 10-15%, you book out and again wait for those declines.