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Chat Transcript

18 Jun - 10:00 hrs

CP Krishnan | Whole Time Director, Geojt Comtrade

 

Get a technical check on commodities

Chat Transcript

moderator: Dear Moneycontrol user, welcome to the Master Your Money chat session with Mr. CP Krishnan, who will answer your queries relating to commodities. So fire away your questions!
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guest: sir ,what is your view on aluminium?
CP Krishnan: Good Morning!!! In the immediate run Aluminium is likely to trade in a tight range of 115-103 levels with mild positive bias. Breaking any of the sides will suggest fresh directions for the commodity.
guest: what can be the move in nickel june contract today??
CP Krishnan: For the day, Nickel is likely to dip initially but recover later. Dips to 1130-1135 regions would be ideal for initiating fresh longs for a target of 1170 with SL below 1120. However, on a medium term basis Nickel is positive but, breaking 1230 is essential to set off such big rallies.
guest: Sir, do you think gold will slide further before Diwali
CP Krishnan: In domestic market, most probably gold prices may dip further. A strong rupee is likely to influence prices in the short run. However, drop below Rs 24000 per 10 grams in MCX is least anticipated
rikenmehta_2: GOld is in downtrend. At what levels should one buy? Which levels should one watch out for trend reversal?
CP Krishnan: A correction to 24000 would be treated as an ideal level for entering long positions. However, unexpected drop below 22800 expected to be an early signal of bearish reversal in domestic market.
rikenmehta_2: Where are cotton prices heading?
CP Krishnan: In a short run, MCX cotton is probably trades inside 20050-19250 levels with mild positive bias. A direct rise above 20050 likely to take prices higher towards 21000/21450 levels.
rikenmehta_2: Where is crude heading now? DO you think Brent will cross USD 120?
CP Krishnan: The prevailing fundamentals are supportive for crude prices and are expected to continue the rally towards $114 followed by $118 levels initially. Break above $120 is anticipated only if the enduring Iraq tensions worsen further.
guest: Sir, your view on Crude price, how it impact India due to Iraq Concern.
CP Krishnan: The prevailing tension in Iraq is most likely influence Indian crude prices as India is one of the country importing crude from Iraq. In MCX futures, the key upside obstacle is seen at 6490, which if broken would attract more bulls into the counter and possibly test 6900 or even more levels later.
guest: Sir, good morning... what about the rubber market..?
CP Krishnan: The broad outlook of rubber is on the negative side. However, the prevailing weather conditions are likely to support prices later. The Key resistance for NMCE Rubber is seen at 15150, consistent trades above the same will take prices higher towards 16100 levels later.
guest: sir what is your view in copper?
CP Krishnan: As long as 392 hold the downside, expect positive bias in the counter. 415/421 levels are the immediate upside targets.
guest: Sir, What is The Shortterm View in Silver
CP Krishnan: In Silver, a volatile action may be seen inside 43500-39500 regions in the immediate run.
guest: due to iraq issue what is the gold trend in coming weeks
CP Krishnan: The enduring Iraqi tensions may lift gold prices higher due to its safe haven appeal. In the international front, 1307 would be the initial resistance followed by 1335/1394 levels. In MCX, 28500 would be the strong upside obstacle.
moderator: This chat has now ended. Thank you Mr. CP Krishnan for sharing your views, and thank you viewers for your participation.
moderator: The transcript of today`s chat will be available on moneycontrol.com soon. If you have any suggestions on this chat you can send e-mail to feedback@moneycontrol.com
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