Bearish on copper, crude: Anand Rathi Commodities

Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Crude may top out at $84-85/bbl near-term: Anand Rathi Crude may test $90/bbl in short-term: Microsec Commerze See crude in $77-81/bbl range near-term: Angel Comm See crude falling to $78 in near-term: Anand Rathi

In an exclusive interview with CNBC-TV, Tarang Bhanushali, India Infoline and Kishore Narne, VP, Anand Rathi Commodities, speak about various commodities and give their outlook going forward.

Below is a verbatim transcript of the exclusive interview on CNBC-TV18. Also watch the accompanying video.

Q: Copper, you have got a bullish strategy there?

Bhanushali: We feel there would be some initial dips in the morning session and then the prices would go upto Rs 345 per kg in the domestic market. This is largely because I feel the dollar index would be under some selling pressure for the day so that would lead to some buying in commodities. So my strategy would be buying at dips for copper.

Q: What about something like Nickel?

Bhanushali: I feel it is trading at a strong support of Rs 1005 from wherein we could see a sharp bounce back to Rs 1020 levels, so this can be a good opportunity to buy. Largely, base metal pack, what we have seen in the last three months would continue for a month more, we would see a sideways movement and most of the metals would be trading in a trading band. So what we are currently doing is that once prices fall, we start buying it and on the upside we sell it, this has been profitable for the last two months and with this when we are on the upside, we are keeping a strict stop loss which is restricting losses for clients. So maybe this would continue for a month more and then we would see a proper direction in base metals. So buying on dips and selling on rallies can be the strategy for base metals.