an interview to CNBC-TV18, Tarang Bhanushali of IIFL spoke about the current trend in commodities market.
Below is a verbatim transcript of the interview:
A: We expect international gold prices to go down before the Fed announcement tomorrow night. That would get offset by the sharp weakness in the rupee.
We would like to short on rises for both gold and silver. We expect the depreciation in the rupee leading to some gap-up opening in the morning and then maybe further upward movement which would be a good shorting opportunity for a day or two.
In the international market, we are short on gold and silver.
Q: What about crude, it had been strengthened quite a bit in the international markets?
A: We believe crude too is near the upper band. We expect the global commodities to cool down to some extent in today's trading session before the major announcement tomorrow. So, we are again short on crude. The depreciation should be used to short on the upside in crude. Around Rs 5,720 per barrel we can sell crude keeping a target of Rs 5,650 per barrel.
