Anil Singhvi's Stock of the Day: Expert advises buying this OMC as stock attractive at current levels
Oil prices are steady near $71 per bbl and Zee Business' Anil Singhvi is bullish on the OMC basket.
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After a steep correction of up to 20 per cent year-to-date in stock prices of oil marketing companies (OMCs), Anil Singhvi- Zee Business Managing Editor is bullish on the pack and finds them attractive at current levels.
Crude price trajectory
Oil prices have largely remained steady near the $71 per barrel mark. Nevertheless, in today's trade (March 17, 2025), the crude prices got a fillip after the the U.S. defence secretary over the weekend said that the country would continue to attack Yemen’s Houthis until they ended attacks on shipping, sending oil prices sharply higher in early Asia trade.
Brent at the last count was up over 1 per cent at $71.11 per bbl, while the WTI crude was trading over $67.69 per barrel.
”We’ve got a reemergence of those geopolitical tensions,” said Tony Sycamore, a market analyst at IG. ”If crude oil gets much above $68.50, I think that could really start to trigger some short covering in the market.”
Crude's downward slide creates positive impact
Lower crude prices are beneficial for a number of reasons such as
- it helps tame inflation
- lowers input cost for a number of industries including rubber, tyre, paint etc.
- boosts consumer spending
OMC stocks to buy
After an overall 20.5 per cent slump in HPCL's stock price, Anil Singhvi has suggesting buying HPCL futures for a target of Rs 328, Rs 332 and Rs 335 with the stop loss placed at Rs 320.
Buy HPCL futures with stop loss at Rs 320 for targets of Rs 328, Rs 332 and Rs 335
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