Oil has been on the boil and it is driving many other markets now, said T Gnanasekar, Director at CommTrendz Research & Fund Management.
"On the speculative positioning side, the market is slightly excessively long. So, if it does not see some kind of a follow through, there could potentially be a sell-off," he said.
"I think it is headed towards $3-4 from here, I think somewhere close to $83-85 per barrel is the target which the market is inclined to test in the national markets,” he added.
Gnanasekar said that in the domestic markets, crude should be bought on dips and he is expecting target close to Rs 5,000. He also recommended a sell on rallies on gold and buy on dips on metals.
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