One can see more upside in BPCL, IOC, says Hemant Thukral of Asian Markets Securities.

Thukral told"Bharat Petroleum Corporation (BPCL), India Oil Corporation (IOC) have seen a lot of open interest addition in last one week but one problem with them has been that the moment crude starts moving their rally comes to a halt. That’s the issue we have to see. But overall if you check the open interest, cost of carry has improved a lot – so clearly telling there is more room on the upside for these counters this time.”