Reliance on dips a buying opportunity: Ashwani Gujral
Reliance on any dips towards levels of 1000-1005 could become a good buying opportunity because overall I think all of these fossil fuels will likely move higher in the longer term.
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| In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks about oil and gas space.
What is your call on some of these oil and gas names a) of course Reliance which was the driver of the rally that we saw yesterday and the other one being BPCL?
Ashwani Gujral: BPCL may have bottomed out for the near term and could be the safe haven and the carnage that may start today so probably levels of 620 over a period of time possible on BPCL 540 is now decent support out here. Reliance on any dips towards levels of 1000-1005 could become a good buying opportunity because overall I think all of these fossil fuels will likely move higher in the longer term.
What is your call on some of these oil and gas names a) of course Reliance which was the driver of the rally that we saw yesterday and the other one being BPCL?
Ashwani Gujral: BPCL may have bottomed out for the near term and could be the safe haven and the carnage that may start today so probably levels of 620 over a period of time possible on BPCL 540 is now decent support out here. Reliance on any dips towards levels of 1000-1005 could become a good buying opportunity because overall I think all of these fossil fuels will likely move higher in the longer term.
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