Buy Chennai Petroleum Corporation on dips.

Technical Analyst,Sukhani told CNBC-TV18, "Chennai Petro has come out of a very long trading range even though it is almost at all time highs, but that doesn’t make a difference. The stock suggests that this break out is likely to continue further and the stock is buy on dips."

He further added, "BPCL has had a vertical rally, it is news driven but charts tell us this is a genuine rally. I has come out of a very big base building exercise and it is also a buy on dips but between the two I would prefer Chennai Petro."

source: Moneycontrol