Overall the trend for crude oil is still bearish, said Renisha Chainani, Monarch Networth Capital.
“0.5 million barrel per day of output rise is already discounted in the prices and if we see more production rise then we can witness fall in prices. As Saudi Arabia has asked for 1 million barrels per day of production rise so that would be very bearish view for the prices. One should wait whether the levels are broken or not. In short, Rs 4490 at MCX is an important level if that is taken away selling should be initiated and on downside I am expecting prices to touch Rs 4,440 and 4,430,” she added.
She further added, “It would be a very volatile day after we see the decision coming at around 7 or 8 between this time periods. I would say one should stay side-line. If one wants to create a position wait for Rs 4,490 to break.”