Apr 16, 2012, 10.19 AM IST
Rajini Panicker of MF Global Commodities India recommends going long on the MCX crude oil April contract at levels of around Rs 5,310 per barrel and on dips to about Rs 5,290 per barrel. She advises to place a stop loss for this trade around Rs 5,250 per barrel and look to target levels of Rs 5,380 per barrel to around Rs 5,410 per barrel.
Tarang Bhanushali of India Infoline believes that base metals pack would remain under pressure over the next two to three trading sessions. He suggests going short on copper around Rs 416-417 per kilogram levels for a target of Rs 410 per kilogram and a stop loss of Rs 420 per kilogram.
Shreekant Jha of PJ Commodity Ventures feels that gold continues to be weak. He reckons that it had a resistance around Rs 29,000 per 10 grams which it reached and has backed off from there. He is looking to sell gold around Rs 28,700 per 10 grams for targets of Rs 28,400-28,200 per 10 grams.
T Gnanasekar, Director of CommTrendz Research & Fund Management feels that copper prices fell sharply last week mainly due to the weak Chinese data. Chinese economy grew at its weakest pace in three years. The slide is going to continue and he believes that rallies to Rs 416-417 per kilogram in MCX can be sold for a potential target of Rs 400 per kilogram or even lower to Rs 395 per kilogram with a stop loss at Rs 422 per kilogram.
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