Ashok Mittal of Karvy Comtrade said crude seems to have peaked out. He expects a further downside in crude oil. He said that crude hitting USD 150 per barrel is only a matter of time. He sees USD 142 per barrel as a good resistance level in the near term.

"I expect about USD 132 per barrel to hold good and from those levels we can see the bounceback again. It will first touch USD 139 per barrel and then start to break and may make a new high this time."

Excerpts from CNBC-TV18's exclkusive interview with Ashok Mittal:

Q: How do you look at crude prices after the sharp fall in the markets yesterday? It is not doing quite well today as well. Is it a sell on rallies for you?

A: Yes, for the time being it seems that crude has peaked out. We expect a further downside in crude oil. USD 142 per barrel should be a good resistance level in the near term.

The MCX August contract is close to about Rs 6,060 per barrel levels. We should be looking to sell them and can expect the earlier low to be retested. We can expect Rs 5,960 per barrel or Rs 5,940 per barrel kind of levels to be tested again.

Q: Are you ruling out USD 150 per barrel completely? Do you think it’s just a matter of time?

A: It is just a matter of time. Overall, there are no significant changes in the fundamentals, so it will be only a corrective variant. In the long-term, we still expect the prices to be bullish.

I expect about USD 132 per barrel to hold good and from those levels we can see the bounceback again. It will first touch USD 139 per barrel and then start to break and may make a new high this time.

Q: How should one trade gold because it is holding USD 970 per ounce? Are there more gains from hereon?

A: Crude has not gone up so much. Gold has either gone up or actually remained on the stronger side as compared to crude oil. So, somebody has to buy gold on dips at somewhere about USD 960 per ounce or USD 962 per ounce. When it goes towards USD 990 per ounce or maybe a little higher from those levels, there may be some further downside from the current levels in the short-term for gold also.

If you are looking to buy somewhere at Rs 13,460 or Rs 13,480 on the MCX, then expect 13,600 and above levels. Gold would definitely have a better upside movement than crude in the short-term.