MCX Tips Expert | The rise in crude oil in the global market remains intact. WTI Crude at NYMax is trading at $ 72.5 with an increase of 0.3 percent. Brent Crude is trading 0.2 percent up at $ 79.4.
The move to sleep looks sluggish. Gold is trading at $ 1,290 with a slight decline of 0.1 percent on the commerce. Silver is trading 0.1 percent down to $ 16.5.
Crude oil prices may have an impact on inflation in the country and this may have forced the Reserve Bank to increase the policy rate by 0.25 percent in the monetary policy review in August. A foreign brokerage agency has said this. The agency said, "However, the top bank can maintain the status quo in the upcoming review in June."
Rudra Investment Expert said, "We are now hoping to increase the rate before the anticipated time from the Reserve Bank." We expect that the first increase of 0.25 percent will be in August only, whereas earlier we had estimated such increase in the first quarter of 2019. "
The brokerage agency has made changes in its estimation by looking at "changes in external circumstances". He has said that the underlying economic factor is not weak. However, in his note, nothing was said in detail about the external conditions.
He said that it can be noted that in recent times, the prices of crude oil have risen. The current account deficit has increased and the rupee has fallen drastically.
Rudra Investment MCX Tips Expert
Gold MCX (June futures): Sell - 31130, Stop-loss - 31200 and Target - 31000
Crude oil MCX (June futures): Buy - 4865, Stop-loss - 4830 and Target - 4930
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