Reliance a safe pick in Oil: Dutta

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Reliance a safe pick in Oil: Dutta

Devangshu Dutta, Consulting Editor of Outlook is of the view that Reliance Industries is a safe pick in the oil sector.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS RIL to invest $23mn to work on Cauvery assets, stk up Reliance Infra among major gainers ALSO READ See previous views by Devangshu Dutta See what other Experts & Brokerages are saying about Reliance See messages about Reliance Reliance BSE | NSE 28/05/12 Are Mutual Funds betting on Reliance?

Devangshu Dutta , Consulting Editor of Outlook is of the view that Reliance Industries is a safe pick in the oil sector.

Dutta told CNBC-TV18, "I would be negative on metals at the moment. This is a commodity driven thing. For oil, there is still some room here to be positive at the moment. My best pick in the oil sector in the sense of a safe pick, would be Reliance Industries which has done fairly well today and may be Cairn . But if one wants to take a risk I would go for the completely busted PSU refiners and OMCs because they are ones in worst shape and hence the ones that would gain the most from a continued drop in crude. I would be long on oil."

He further added, " ONGC has room to go up from these levels as well. I would be long on ONGC."