Baliga told CNBC-TV18, "I would choose oil and gas instead of IT because of the expected price hike soon. You will have stocks like Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) moving up. Once Oil and Natural Gas Corporation (ONGC) crosses Rs 300 decisively can move to levels of about Rs 340-350, its just moved to Rs 305 but we need to see whether it stays there or not."
He further added, "Frontline stocks will make the first move and we have already seen a decent move in jewellery stocks. So, I don't see much an upside for them immediately. So, it is the frontline ones which I will buy for the next month, month and a half."
"For the time being one can just hold on although I am not too positive on Infosys even after those extremely good results. One should look at selling when you see the weakness coming in because this knee jerk reaction has been overdone to a large extent and it is possible that we could see levels of Rs 2900, so that is the reason I am saying don't sell now, but when you see weakness its time to get out because it is already too expensive even going by the results which have come."
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