Go long in GAIL India, target Rs 393: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Oil and Natural Gas Corporation (ONGC) and GAIL India have been an underperformer. GAIL added lot of short positions. We have seen a decent bounce back. I am expecting a short covering bounce though again I do not have very aggressive targets over here, Rs 393 is what I am expecting in GAIL. One can fix a stoploss somewhere around Rs 356 and go long in it."

At 10:45 hrs GAIL India was quoting at Rs 371.85, down Rs 1.50, or 0.40 percent. It has touched an intraday high of Rs 376.90 and an intraday low of Rs 371.40.