Exit ONGC, says Phani Sekhar

Phani Sekhar of Angel Broking told CNBC-TV18, "It is a very good time to get out of ONGC not because I do not believe in the long term, from a long term perspective that is over 3-5 years it is an excellent story but purely from a tactical point of view, I think ONGC has been a beneficiary of this rally in the market.”

He further added, “Fundamentally over the next 6 to 9 months it will be very difficult for ONGC simply because the government in order to manage its own fisc will draw down excessive from ONGC, which means the subsidy share will increase quite meaningfully. I will not be surprised to see ONGC back to levels closer to Rs 232-240 in the near future, so it will be a good idea for the investor to get out of ONGC.”