CK Narayan of Growth Avenues is of the view that one may buy Oil and Natural Gas Corporation.
CK Narayan of Growth Avenues told CNBC-TV18, "Oil and gas clearly is one of the spaces alongside with banking. I think banking will surely contribute significantly in the next week at least until that announcement about the holding company etc is out of the way. In oil and gas space, all of them are on a complete tear, you got Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC) on a total tear and if you look at Petronet LNG which is also a parallel player in that and that is also moving up."
He further added, " Oil and Natural Gas Corporation (ONGC) has just had a nice upside breakout and has been holding on to those highs. The Oil India is doing well and Reliance Industries is the only bit of a drag in the whole particular pact. If you leave aside Reliance and then look at all the others, great place still left in IOC, HPCL and BPCL in that particular order and ONGC at these levels also is a great buy."
"I am speaking all these from a short to medium term perspective. We can wait for reactions but then it has been about five to six months and there has been no reaction and could go there safely and just buy. Somewhere we have to join the gang and play the game as it is being played by the rest of the market, we cannot keep forever waiting for a pullback," he said.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
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