Precious metals to see buying on Cyprus woes: IIFL

The Cyprus bailout deal would lead to selling pressure in most of the commodities except precious metals, believes Tarang Bhanushali of IIFL.

"The precious metals would see some buying because of safe haven but the other metals are bound to witness some selling." he said in an interview to CNBC-TV18.

However, in the near-term he recommended selling gold (MCX) at Rs 29,440 per 10gm keeping Rs 29,240 per 10gm as the target on the downside.

Meanwhile, one can also sell crude at current levels of Rs 5,060 per barrel keeping Rs 4,970 per barrel target in the near-term, he added.

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