Moneycontrol
Last Updated : Nov 17, 2011 03:06 PM IST | Source: CNBC-TV18

Rupee can move to 58 if breaks 52, says CLSA

If the Nifty breaks below 5,000 levels, it will hurt the market confidence, said Laurence Balanco, Asian technical research at CLSA. However, he expects the Nifty to be driven by moves in developed markets. Talking about the Indian currency, Balanco indicated that rupee could move to Rs 58 per dollar if it breaks above Rs 52 per dollar.


If the Nifty breaks below 5,000 levels, it will hurt the market confidence, said Laurence Balanco, Asian technical research at CLSA.


He further stated that it is disappointing to see no follow through buying on the Nifty. However, he expects the Nifty to be driven by moves in developed markets. He feels S&P 500 is likely to trade sub-1,100 levels in H1CY12.


Talking about the Indian currency, Balanco indicated that rupee could move to Rs 58 per dollar if it breaks above Rs 52 per dollar. From the precious metal space, he believes gold will reach new highs in 2012.


Here is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video.


Q: What do you see on the Indian market? There is a lot of trepidation seen on whether the Nifty will break the 5,000 mark and head back to the lows this year.

A: It has been disappointing that we didn

First Published on Nov 17, 2011 10:50 am
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