Anil Manghnani not bullish on Cairn India

Anil Manghnani, Modern Shares & Stock Brokers is not so bullish on Cairn India.

Manghnani told CNBC-TV18, "I still would stick to Reliance Industries. I suggested that last week at about Rs 830, it is moving well. ONGC has been in a very tight trading range; between Rs 290 and Rs 300 is the problem area and whenever you get to Rs 265-255 range, you get a lot of buying support. So I think having rallied already closer to Rs 280, now the risk reward ratio does not fit."
He further added, "On Cairn India I am not so bullish. I know it has bounced back quite smartly but around Rs 335-345 range, it would probably become a short again."