Sell crude at Rs 5130-5140 per bbl: Bhanushali

Tarang Bhanushali of IIFL suggests shorting crude around Rs 5,130-5,140 per bbl keeping target of Rs 4,950 per bbl and strict stop loss of Rs 5,210 per bbl.

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Further Bhanushali said that base metal was completely different to the other commodity complex. A gradual rise was seen in most of the base metals over the last two-three months and prices have moved gradually upwards led by some supportive buying from China.

"We believe that prices would continue to trade in the range in the near term, there are not much triggers going ahead and we would see this consolidation going ahead in most of the base metals. Therefore, it would be a range bound market over the next one-two months," he added.

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