Buy, Avoid or Hold? Analyst gives recommendations on ONGC, IOC, Gujarat Gas
Oil prices climbed on Tuesday, hitting their highest levels in at least three years, extending gains triggered during the previous session after the worlds major oil producers announced they had decided to keep a cap on crude supplies, Reuters reported
With the Nifty50 trading with a positive bias on Tuesday, up 0.3 per cent at 17,748.35, Nifty Oil & Gas index was the biggest gainer among the sectoral indices. Globally, the oil and gas stocks have been gaining amid OPEC’s decision to maintain supply restraints.
Oil prices climbed on Tuesday, hitting their highest levels in at least three years, extending gains triggered during the previous session after the world’s major oil producers announced they had decided to keep a cap on crude supplies, Reuters reported.
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Also Read: Castrol India to piggyback on lubrication industry growth, says HDFC Securities; recommends buyTechnical Analyst Nilesh Jain is bullish on the oil and gas stocks. He recommends two stocks on Tuesday with a short-term view.
He recommends investors to hold on to ONGC stocks at current levels expecting a 10 per cent upside from the current levels. The stock was trading around RS 160.
He also gives a buy recommendation on IOC with a target price of 140-Rs 145 with a stop loss at Rs 124. This stock was trading at Rs 130.30 on the NSE around this time.
He advises against making any fresh positions in Gujarat Gas at current levels, saying that the stock has moved considerably up on the intraday basis and the risk-to-reward ratio is not favourable at current levels.
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