Siddh Capital recommends 'hold' on IOC stocks

In an interview with ET Now, Vinith Jain, Director, Siddh Capital, spoke about stocks future in OMC space. Excerpts:

IOC is up about 1% in trade. Overall it has been a fairly weak. The entire OMC space has been weak in the recent past. What are your targets?

IOC has jumped up quite a lot from its recent low of 275. One should hold onto the stock. The stock is not looking back. One should hold on, 375 is expected. Just hold on with a nearby stop loss of 330 and further gains can be expected. ONGC is looking good. It is coming out of its corrective move after a very long time. It has been some five-six months the stock has been in correction and we might see fresh up moves from here. Some resistance at 1140 and if that is crossed and held on, we see a good rally up to 1250 coming up.