As per views of technical analysts, Indian Oil Corporation is looking good for long term (7-8 months). Interested investors can buy the stock at Rs 640. If the stock market falls, buy it between Rs 605-540 levels over next few trading sessions. This is a delivery based calls and investors can buy it with strict stop loss of Rs 470 for a target of Rs 896 in short term and Rs 1408 in long term.

The stock of the company is currently trading at a P/E of 9 and offers an earning per share of Rs 71. On National Stock Exchange, the stock has touched its 52-week high of Rs 664 with a low of Rs 361.

Indian Oil Corporation Limited was formed in1964 as a result of merger between Indian Oil Company Ltd. and Indian Refineries Ltd.

It is currently India's largest company in terms of sales with a turnover of Rs. 220,779 crore, the highest-ever for an Indian company, and profits of Rs. 7499 crore for fiscal 2006. It is also the 20th largest petroleum company in the world. The Corporation is also doing robust efforts to hone its competitive edge and leadership status in the market.