Good time to pick up Aban Offshore & Reliance for the long run

I have found Aban Offshore and Reliance to go into deep periods of consolidation and break out suddenly. I don't subscribe to analyst's call who have written off these scrips stating that these stocks have let off all the steam and there is no more momentum left in them. Well as that might be definitely true for the short term trader similarly for a position trader who is looking at a long term return I think the current prices for both the scrips are quite reasonable to acquire and hold for long. I think it is a good strategy to apply what I call a "ESIP" (Equity systematic investment plan) strategy on these stocks. You can continue to buy these stocks in small quantities whenever they fall to a reasonable price and after a certain period of time you should hold a good position on them at an average price thereby absorbing fluctuation in prices. Aban had hit the bottom post the bad news in the recent past involving it's debts and wreckage of one of it's rigs but it's slowly entering the consolidation phase which I was talking about. This scrip can bounce back anytime. Hence, to me Rs.750-850 levels is what looks like a good level to pick up this scrip. Reliance on the other hand is most tempting at sub 1000 levels. Infact I always find it to be a value proposition at any price less than Rs.1000. With the number of acquisitions it is going through, it is undoubtedly up-scaling itself from the powerhouse that it already is. I feel this scrip will double itself within a year's time.

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