Tiwari told CNBC-TV18, "Overall, it's a very positive development both crude and gold falling. We generally feel that these two-three developments will lead to significant re-rating for equities as a whole. Specifically for oil sector, under recoveries will fall dramatically if crude falls by say 10 percent. In that context, the whole sector looks appealing but we prefer ONGC, BPCL in this particular space. So I think overall market should see some positive bias in next six-seven months, remainder of the year because of these things particularly."
He further added, "You could look at around 14-15 percent upside in each of these cases. But having said that, these stocks can have meaningful upgrades in the months to come. For example, if you look at overall prices, if they go down to USD 90 per barrel then the situation will further improve. So these are dynamic situations and we will keep on monitoring them but I think one can look at that kind of upside in these two counters in the months to come."
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