Portfolio Manager, PN Vijay is of the view that Reliance Industries is a very good long-term pick at these levels.

Vijay told CNBC-TV18, "Reliance Industries looks very good especially after the announcement that a commercializing D6 next month and also one is having the gas from the KG basin due anytime and the supply side agreements are being tied up with the major city utilities. So it is a very good long-term pick at these levels among all the big Reliance stocks."

He further added, "Windfall tax was more political, nobody really gave it a very serious attention at least after the Trust Vote got over. The tax holiday for gas production is an issue but Indian Tax Regime has been fairly homogenous. It has not done funny things; it has got a history of doing things only at the Budget unless some excise duty tampering etc. So I do not think that the government will do any knee-jerk on the oil and energy sector."

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