Sell OMCs' stocks: Somil Mehta

ET Now spoke to Somil Mehta, Sr. Technical Analyst, Sharekhan, about OMCs.

What about some of these OMCs keeping in mind how crude oil has been moving and their performance over the recent past?

I do not think so because these stocks have been firming triangular patterns and flat patterns where a consolidation phase is going on and this consolidation phase would break on the downside. I do not see any positivity in these stocks, the momentum indicators are already showing overbought zone and a daily indicators, hourly indicators they are into sell and it should go down at least 5% to 7% from these levels.