ONGC may hit Rs 230, buy Infosys on dips: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Oil and Natural Gas Corporation (ONGC) is still kind of weak but I think the Budget took the wind out of the bears and now possibly it will get back towards Rs 225-230 given that oil rising and commodities stabilising will probably lead to a rally in all commodity stocks." "For the day, I think probably some institution will come in and they will try to buy Infosys but obviously this dip may not work out for the day but over a longer term buying this dip should work out. However, what is important is, if the Nifty hits 7,520, that was the level to get into 7,500 Call because given that there is a good buy on dip market, the first dip always has the strongest throwback. So, chances are that if you get into 7,500 Call for about Rs 130, it should pretty much act like almost a Nifty Futures and that should work out for the day. Even if you get 7,550-7,560 not a big rally, you will still be able to make decent amount of money. So, both on Infosys and Nifty, I think people should use dips to buy," he said."Aban Offshore basically is an oil play so again chances are today should be a decent day and you would probably see Rs 225-230 soon on the stock."