Remain bullish on oil & gas sector, says Manghnani

Anil Manghnani of Modern Shares & Stock Brokers remains bullish on oil and gas sector. The target for IOC is Rs 343, he adds.

Manghnani told CNBC-TV18, “Yes, I will use this correction as an opportunity to buy something like an Indian Oil Corporation. The overall under ownership will still play out. I don’t think this is the end of the rally. The way it moved post the announcement, that partial deregulation of diesel of Rs 0.50 hike every month, the volume it did last week when the news came out, is substantially more than the last four days that it has been correcting.” “It has been correcting on marginally lesser volumes than what you saw on the way up which is a bullish sign for me. I will keep Rs 300 as a stop loss on IOC but eventually this should bounce back. I am only giving a target of Rs 343, but my overall bullishness on the oil and gas sector remains,” Manghnani added.