ONGC may give 10-15% returns: Sushil Kedia

Sushil Kedia of CIMB told CNBC-TV18, "Within the oil and gas space the kind of massive upmove that has happened in Bharat Petroleum Corporation (BPCL) from Rs 250 to Rs 450, the juice has definitely gone out now and what is left is volatility. It may swing up a little bit more. It doesn’t fit into my style of trading. There may be some sniper traders, non-institutional sniper traders who may still be able to grab something. I will rather wait for a top out to happen on them now. They have swung up heavily and it is a little early on BPCL and Hindustan Petroleum Corporation (HPCL)."

"Reliance Industries has a very interesting perch on which it is poised on right now. The level of Rs 800 is the lower boundary, Rs 900 is the upper boundary roughly speaking with a five year consolidation pattern and a triangular pattern with declining tops and rising bottoms. Currently Rs 800 and Rs 900 are the two fulcrums. If Reliance breaks past Rs 900 and then closes above it may be Rs 300-400 kind of a brisk move should come. Looks less than likely right now, may be one more dip back down to Rs 800, this chart has come up as more like a Rubik's cube puzzled to any chartist. It is so beautifully poised over these last five years that until it makes that breakout beyond Rs 900 or Rs 800 it is foolhardy to talk about it but once it makes that it is going to move big," he said.

"If I have to make a guess I would still tilt my hat to saying that we have one more dip on Reliance back to Rs 800 before the elections. Right away however for people to be still trading in the sector and looking for a long bet – I do not know how to explain this if HPCL and BPCL are still no longer great buy's and RIL is perched between a stone and the rock right now. Oil and Natural Gas Corporation (ONGC) is still a stock which one can take small nibbling positions into and still try to ride an uptrend. That can give a decent risk adjusted returns of another 10-15 percent."