SENSEX NIFTY
Nov 08, 2011, 11.25 AM IST | Source: CNBC-TV18

Commodity bets: Sell copper, Buy gold on dips say experts

Kishore Narne, vice president, Anand Rathi Commodities suggests selling copper at Rs 387-390 with a stop loss at 392. One can look for target close to Rs 382 on the lower side, he adds.

Kishore Narne, Vice President, Anand Rathi Commodities

Kishore Narne, vice president, Anand Rathi Commodities suggests selling copper at Rs 387-390 with a stop loss at 392. One can look for target close to Rs 382 on the lower side, he adds.

T Gnanasekar director, Comm Trendz Research & Fund Management recommends buying gold on dips. He says, “Gold is not going anywhere but higher in the very near term. We are looking at buying on dips to Rs 28,300-28,350 with a stop at Rs 28,250 and target of Rs 28,850.

On the other hand, Ashish Shah of Sushil Global Commodities has a sell call on gold. He says, “On Friday we saw gold correcting in the international markets but not with a very big fall. On MCX Rs 28,225 continues to remain a very strong resistance. We have seen gold testing near those levels and coming down again.”

According to Shah for the day one can use the strategy to sell on current levels as well as on rallies to Rs 28,100 maintaining stop loss of Rs 28,150 for a target price of Rs 27,750.

Shreekant Jha,Managing Director, PJ Commodity Ventures Pvt. Ltd says that silver is rangebound at present and though it is not doing anything much. It is just retracing back to the levels it had broken earlier.

"We are looking at an immediate target of Rs 59,000. But thereabout it is not doing anything much as maybe other commodities like gold. Buying at Rs 57,000 and selling at Rs 59,000 is how we would trade in the future," he adds.

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