Infosys, Reliance Industries, Tech Mahindra, Kotak Mahindra Bank, HCL Technologies, ITC and ONGC offer a good buying opportunity. Investors should carefully allocate funds in these stocks at current levels or if there is further decline. Indian Markets Offer Buying Opportunity Amid Coronavirus Fears and oil price plunge.

Bajaj Auto will soon be near its 52-week low and can be bought at these levels. HCL Technologies is also hovering around its 52-week low and offers a good buying opportunity.

Coronavirus has led to massive and quick erosion of investor wealth across the world markets but many Indian stocks present an interesting opportunity for value-based buyers. While many stocks are still above their fair-value, some of them are available at attractive valuations.

Oil prices have declined by almost 30% in a single session after Saudi Arabia announced that it will increase production. The WTI and Brent Crude prices have touched their multiple-year lows. Last times WTI Crude Oil dropped below USD 30 was in year 2003.

Investors should however be cautious and should conduct due-diligence before investing their hard-earned money. And, the investments should be made for medium to long term.

Some of the stocks that we consider good for buying at current levels are the blue-chip companies that have lost significantly in the recent market meltdown. FIIs are selling in the Indian markets and such reports usually cause panic. However, FIIs have hot money in their accounts, if they sell fast, they also buy fast once they return. And, they will surely see opportunity at lower levels.

“The impact is much more severe in areas that rely on oil prices. India cannot really tolerate too high oil prices, but neither can India tolerate it when oil prices are too low. India really needs a goldilocks situation. Net-net, for emerging markets, it means less growth, less reflation, greater pressure in high yield markets and higher spreads. Very low oil prices are negative for EMs, not positive,” said Viktor Shvets Managing Director, Head of Asia Pacific and Global Strategy - Macquarie Group.

This market analyst is talking bullshit. India has everything to gain from low oil prices. People like Shvets make such statements on an everyday basis and they don't remember what they have said yesterday on record.