Expect ONGC to head lower: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "I would expect Oil and Natural Gas Corporation (ONGC) to move lower. Now BPCL is bucking the trend so I would of course go long on BPCL and short ONGC, that would be a great strategy."

"Metals or oil and gas stocks otherwise are not doing very well. In fact they won’t do very well because crude and most of the commodities itself are not doing well. These are commodity oriented sectors which will only do well when commodity starts doing well," he said.

"Cairn India is the proxy for crude. Crude will surely go to about 40 odd levels or 38 odd levels which is the major support. Cairn has bounced back today, it will be a great opportunity to look at a short position in Cairn India."