Cairn India a safe bet: Subramanian

R Venkat Subramanian of Kotak Securities is of the view that Cairn India is a safe bet at this level.

Subramanian told CNBC-TV18, "At this stage having been beaten down by oil, every time it falls that seems to be the best buy. So from that point of view I would maybe bet on Cairn when it is around Rs 220 levels because that could possibly be a hedge against the oil price going up and the rest of the market suffering with it. So from a trading point of view, Cairn perhaps looks like a safe bet at these levels. But on the public sector oil companies, I would completely stay away from that."

He further added, "Other than that perhaps for ONGC, which for the first quarter at least has been let off the hook by the ministry. Perhaps they will report strong numbers because of the lower subsidy component. So maybe ONGC is a trading buy, Cairn a trading buy but I would completely stay away from the rest of the oil PSU."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.