Spot gold held its ground at $1,837.50 per ounce by 1056 GMT, after hitting its lowest level since early January on Wednesday. U.S. gold futures were up 0.1% at $1,847.60.
In an interview to CNBC-TV18 Devesh Divya, Asia FX Strategist at Standard Chartered Bank shared his reading and outlook on the currency market. He expects markets to remain volatile at least till the time that we see clear pattern emerge in terms of Brexit versus Bremain.
Though the Indian currency has pulled back from its record lows, analysts believe that the likeliness of it falling to 70/USD is also not off the table.
Atul Suri feels that the current rally in the Nifty may be short lived as it is heading to levels of 5,000 in the long-run. The fundamentals suggest that there will be a sharp fall going forward, he told CNBC-TV18.
One sees pressure building up on the rupee even today. The Indian rupee will open gap down and 61/USD will be taken in the first few minutes, Latha Venkatesh of CNBC-TV18.
Vineet Bhatnagar, managing director, Phillip Capital, in an interview to CNBC-TV18 says that the rupee's fall and international news flow have made telecom and IT stocks very attractive.
VK Sharma of HDFC Securities believes that the conviction is lacking for the Bank Nifty to do well. So it has to close above 11,800. Also, Infosys may see levels of Rs 3,400 onwards in next six months.
A lot of shorts have been accumulated around 5,950-5,900 belt. If Nifty manages to cross 5,920 then breaching 6000 on the upside should not be a surprise because short covering itself will take that momentum on the upside, says Hemant Thukral of Aditya Birla Money.
Jai Bala feels traders should let the counter trend rally play out, wait for a exhaust and then step up to sell the rally.
Since rupee depreciated yesterday from almost 59.70/USD to 60.70/USD, Rs 1 depreciation supported the price in domestic market, commodity expert, Ram Pitre, Anand Rathi Commodities said.
If there is any pullback on the rupee, it will be limited to 59/USD, says Agam Gupta, Standard Chartered Bank.
Ambareesh Baliga of Edelweiss Financial says any bounce back should be utilised by people to book out to a certain extent and go short.
Go long at these levels keeping a stop loss of 5,590 and play for a pullback till 5,750, says Hemant Thukral of Aditya Birla Money.
Markets have rallied ahead of the Fed meeting and to that extent it is sort of going in with some expectations from Ben Bernanke believes Udayan Mukherjee, managing editor, CNBC-TV18.
VK Sharma of HDFC Securities believes that for the current series 5,900 levels looks like a level at which people should start writing Calls.
Hemant Thukral of Aditya Birla Money told CNBC-TV18 that he expected a pullback in the market at 5,930-5,940 before testing at 5,800-5,850 levels.
Commodity experts are not so upbeat on lead, crude and natural gas, they advise selling them. However, they expect silver to rally to Rs 44,200 per kilogram, hence suggest buying it.
Even after a strong market pullback on Thursday, Devesh Kumar, India Head, CIMB does not see any major improvement in investor sentiment. He feels market has already factored in most of the macro related news and a 25 bps rate cut by Reserve Bank in May policy.
In an interview to CNBC-TV18, Amit Trivedi, Co-Founder of Investworks.in shared outlook on the market and recommended trading strategies for various stocks.
Wednesday was a much better day for the market, finally there was a pullback. Today global cues are pretty good.
We have had five down sessions on the trot, a pullback was always lurking around the corner and today we saw that pullback play out, says Udayan Mukherjee, managing editor, CNBC-TV18
In an interview to CNBC-TV18, Amit Gupta, Head- Derivatives –at ICICI Direct spoke about the outlook for the F&O market and his recommendations on various stocks.
The market has viscously turned this afternoon which has been a big disappointment, says Udayan Mukherjee, managing editor, CNBC-TV18. We were discussing in the morning that these pullback rallies can end as abruptly as they begin.
Today is the last trading session of a pretty constructive week. There is no indication that the pullback has ended, and it continued for the third consecutive day yesterday
In the near term the market is likely to trade in the broad range of 5,750-6,000. Over the longer term, rupee‘s movement, inflation data and steps taken by RBI will be the three key trigger for the market, says Gaurav Doshi, VP - PMS, Morgan Stanley PWM.