Companies like ONGC, OIL and RIL which together produce about 85 per cent of India’s total domestic natural gas are expected to be the major beneficiary of a plausible gas price hike.
So should you BUY these stocks today?
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Check out the trading strategies for oil & gas companies and other stocks with Mudit Goyal, technical at SMC Global Securities.
Smartinvestor : Markets witnessed a relief rally today after hitting 2-month lows in past couple of sessions. How do you see the trend going forward?
Mudit Goyal : It is just a pull back or short covering witness just ahead of June series. On charts, Nifty is trading in downward sloping channel on daily charts which is bearish in nature. Downtrend may continue for coming days till nifty hold and trade below 5800.
Smartinvestor : Do you expect some profit taking in the latter half of the session?
Mudit Goyal : No, I don’t expect any profit book can be witness in the latter half of expiry day. Consider the June series, benchmark indices got success to close positive for only 5 days. So, strong short covering is there.
Smartinvestor : Would you recommend a BUY on stocks like Reliance Industries, ONGC etc ahead of the gas pricing meet today?
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