See higher levels in IOC: Sukhani

Sukhani told CNBC-TV18, "There are bright spots in any market and the OMC's often do exactly the opposite of what the Nifty does. Yesterday, we had BPCL as a buy and that was sensible. Today we se that IOC, which has slightly been lagging the other two OMC's, is now giving the impression of being willing to finally go through a breakout. So I would track IOC to buy it and this is not in context of a Nifty rally. The Nifty can do what it wants but the chances are that IOC could begin a rally and move much higher."

The company's trailing 12-month (TTM) EPS was at Rs 1.12 per share. (Mar, 2012). The stock's price-to-earnings (P/E) ratio was 334.64. The latest book value of the company is Rs -62.48 per share. At current value, the price-to-book value of the company was -6.