Dipan Mehta, Member, BSE/NSE is of the view that one can buy Cairn India if wants to play the crude oil price theme.

Mehta told CNBC-TV18, "If the oil prices are at the levels they are and if you see it going to USD 150/bbl, which is what the general consensus is then Cairn is certainly cheap even at these prices. Some of the reports which are valuing Cairn at about the present levels or whatever forecast have been made, the kind of assumption for crude oil prices for FY10 and FY11 are at about USD 80 or so and it seems likely that the average realization would be significantly higher than that amount. So there is some way for Cairn to move up."

He further added, "At the same time I think that what goes in fear of Cairn is that it is perhaps the only stock available in India which one can buy if wants to play the crude oil price theme over here considering that ONGC which is the other large player has to share subsidy with the other oil marketing companies. So that only leads Cairn India which is a pure play oil exploration company that is available for investors to buy if they want to at least play that particular trend. So that goes in fear of this and my sense is that so long as we are seeing this kind of strength in oil prices you would see a similar kind of a movement in Cairn India as well."