Buying opportunity in Oil Sector: Sukhani

Technical Analyst, Sudarshan Sukhani is of the view that there is an opportunity to buy in the Oil Sector. It is still a trading opportunity because investing carries much more risk in these stocks but there is a trading opportunity to go long.

Sukhani told CNBC-TV18, "It is not just this afternoon. They saw a very sharp correction last week and some of this week and the impression was that may be their brief upmove was over but quite evidently earlier on, these oil marketing stocks had surprised us earlier by moving up a lot and after a correction, they have joined that uptrend again."

He further added, "These stocks are showing bullish chart patterns after probably many months and we should listen to the voice of the market and try to say okay, there is an opportunity to buy here. It is still a trading opportunity because investing carries much more risk in these stocks but there is a trading opportunity to go long."

Disclosure: The analyst has delta neutral positions in Nifty and investments in shares.