See crude falling to $78 in near-term: Anand Rathi

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Commodities saw mixed interest this session. In turn, the CRB commodity index finished flat on Friday.

In an interview with CNBC-TV18, Kishore Narne, VP, Anand Rathi Commodities gave his strategies for the day.

Q: What would your strategy be on crude today?

A: I think we have been quite bearish for sometime right now but we might be looking at a fall of around USD 2-3 in the short-term to around USD 78 per barrel and in India that should be around Rs 3,640 -3,600 per barrel on MCX Crude.

Q: So you would go short on MCX, could you give us your strategy?

A: With Rs 3,750 per barrel as a stop loss one can go short at even current levels and look for the targets of even Rs 3,600 per barrel on the lower side.

Q: How about base metals, anything form copper that you would advice?

A: I think most of the metals should correct for a couple of days at least. As of now we stand bearish on copper also and even one can sell at current levels looking at a target of Rs 328 per kg to Rs 330 per kg on the lower side with a stop loss around 338, so with Rs 3 stop one can look at Rs 5-6 downward for the day.