Renisha Chainani of Edelweiss feels that at Comex, gold prices crossed a resistance of USD 1,745 per ounce and it could go up to USD 1,800 per ounce. So at MCX, Chainani recommends buying gold October contract above Rs 32,000 per 10 grams with the stop loss of Rs 31,850 per 10 grams and targets of Rs 32,200-32,300 per 10 grams on the higher side.
Priyank Upadhyay of SSJ Finance & Securities believes that copper prices are sustaining above Rs 450 and are headed higher towards Rs 460 in the short-term. He suggests buying copper MCX contract on dips around Rs 451-450 per kilogram with a stop loss below Rs 447 per kilogram for targets of around Rs 458 per kilogram.
Ravindra Rao of Motilal Oswal reckons that lead is looking very positive and he expects prices to move higher till Rs 118-120 per kilogram. He saw a slight dip in prices in the past session which is just a profit booking. He anticipates that prices might take a good support at around Rs 115 per kilogram levels which can be used as a good buying opportunity. Rao says, “On the lower side, we can maintain a stop loss of Rs 113 per kilogram for an upside target of Rs 118 per kilogram and then it might even move higher till Rs 120 per kilogram.”
Naveen Mathur of Angel Broking expects nickel prices to trade in a range bound to an upward territory. He assumes that the mix global market sentiments, at the same time the weakness in the dollar index would keep the prices on the upside. He advises that buying nickel contract for the month of September on the MCX at around Rs 915-920 per kilogram levels with stop loss of Rs 905 for targets on the intraday basis in the range of Rs 935 to Rs 940.