Reena Walia, Senior Research Analyst - International Commodities at Angel Broking expects precious metals to trade on a positive note in today’s trade. So she recommends a buy in the MCX gold June contract around Rs 28,900 per 10 grams levels. “One can apply a stop loss of around 28,800 per 10 grams and the upside we are targeting around 29,055 per 10 grams levels” she adds.
Shreekant Jha, Managing Director of PJ Commodity Ventures reckons that crude went below the Rs 5,000 per barrel levels and that was something that he was keeping an eye on. Now that it has crossed 5,000 per barrel levels on the downside, he feels that the downtrend is confirmed in terms of it gathering some momentum. So he feels that there is about 200 points to be made out here if one can get an entry at the Rs 5,050 per barrel levels. He also feels that selling at around Rs 5,050 levels per barrel, covering could be done around the Rs 4,850 per barrel levels so he suggests selling crude at Rs 5,050 per barrel and look at covering it at Rs 4,850 per barrel.
Ashish Kyal, Head of research at CommTrendz believes that China grew at the slowest pace in almost three years and euro zone economies are still in very fragile state. He thinks that this will adversely impact prices of base metals. According to him, LME lead has already given a breakdown and MCX lead should soon follow the suit so he advises selling MCX lead June expiry below Rs 108 per kilogram with a stop loss of Rs 109.50 per kilogram and a target of around Rs 105 per kilogram.
Dipen Shah, Business Head of Stayvan.com reckons that aluminium has been showing good resilience and has not fallen. Hence, he advocates buying any dip on aluminium near Rs 110 per kilogram with a stop loss of Rs 109 per kilogram for a target of Rs 112 per kilogram with one week time horizon in mind.