Buy Indian Oil Corporation: Rahul Shah

Rahul Shah of Motilal Oswal Financial Services told CNBC-TV18, "Oil marketing companies (OMCs) last week posted mixed results. Post that you saw some shorting in Bharat Petroleum Corporation Limited (BPCL). Similarly we saw some buying getting into Indian Oil Corporation (IOC). We should buy IOC with a stoploss of Rs 345 with a target of Rs 375."

At 14:17 hrs Indian Oil Corporation was quoting at Rs 355, down Rs 1.95, or 0.55 percent. It has touched an intraday high of Rs 358.95 and an intraday low of Rs 349.35.