Hold Cairn India, says Phani Sekhar

Phani Sekhar of Angel Broking told CNBC-TV18, "As a disclosure we hold Cairn India in our portfolio, we continue to hold it. It is a direct proxy to crude and to that extent its adverse impact in the very near term can not be avoided. They are improving and increasing their production. So, if one can wait or tied over the current reversals in crude prices, over the long-term it seems a good price to own because even if you look at global commodity forecast, three to five years forecast for crude are still hovering at around USD 85 odd. So considering the fact that Cairn has a program to increase its production by around 3-5 percent compound annual growth rate (CAGR) and valuations at around 5 times, it looks pretty interesting."

"One should wait till the stock drops lower from here on, although we don’t know how much it will but since we are in the middle of news flow it is a sensible strategy to wait for the stock to drop and then get into it," he said.