Technical Analyst, Vijay Bhambwani is of the view that Cairn India is likely to emerge as a leader in this sector and even though the markets tend to be low, Cairn would continue to move up more so in tandem with international prices of crude oil in commodity exchanges.

Bhambwani told CNBC-TV18, "Cairn is likely to emerge as a leader in this sector and even though the markets tend to be low, Cairn would continue to move up more so in Tandem with international prices of crude oil in commodity exchanges. What you are seeing is the pulling off of crude by almost USD 3 per barrel from the absolute top, that’s why Cairn is down at most Rs 20-Rs 25 today, Rs 242 to Rs 250 this is the band where Cairn will see a lot of re-emergence of buying momentum as well as the short coverings."