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Oct 22, 2012, 11.33 AM IST
Naveen Mathur of Angel Broking believe that rupee depreciation would hold on the prices. "The markets would trade on the positive side today because of rupee depreciation," he told CNBC-TV18 in an interview.
Naveen Mathur of Angel Broking believe that rupee depreciation would hold on the prices. "The markets would trade on the positive side today because of rupee depreciation," he told CNBC-TV18 in an interview.
Also Read: Do not expect major upside in gold, silver: Nirmal Bang Below is the verbatim transcript of the interview Q: There was a correction in the gold market on Friday. How are you positioning yourself in the local market now? A: The markets would trade on the positive side today because of rupee depreciation. We have seen correction in the US markets from around USD 1,760 per ounce levels two weeks earlier, to around USD 1,725-1,730 per ounce levels today. But rupee depreciation will hold on the prices. Therefore, for intraday we would recommend buying gold on the MCX at around Rs 31,200-31,250 per 10 grams. We suggest a stop loss for this trade at Rs 31,100 per 10 grams for targets of Rs 31,350-31,400 per 10 grams levels. Q: Has crude topped out for the near-term? Do you have a bearish stance on it after the fall last week? A: I think crude would trade as between USD 88-87 per barrel on the downside. The upside would be restricted to around USD 93-94 per barrel. It is trading right now at USD 90 per barrel. We expect the markets to be very range bound. The TransCanada Corporation has resumed or will be resuming the crude supplies. So, we will be slightly bearish on crude oil for the day. Therefore we have a sell recommendation at around Rs 4,940-4,950 per barrel levels with a stop loss pf Rs 5,000 per barrel for MCX contracts for downside targets of Rs 4,870-4,850 per barrel.
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