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Sep 26, 2012, 01.16 PM IST
Sreekanth Jha of PJ Commodity Ventures reckons that yesterday, crude did not come down to the Rs 4,850 per barrel levels that he was expecting and it just hovered around the Rs 4,950 per barrel levels to about Rs 4,880 per barrel.
Ashish Shah of Sushil Global Commodities feels that for copper, Rs 440 per kilogram is holding over the last couple of trading days despite the negative fundamentals. He believes that on the upside, the resistance near Rs 446 per kilogram remains strong. Shah said, “One can take a slight technical bet at buying on dips to about Rs 440 per kilogram to Rs 441 per kilogram with putting a stop loss below Rs 438 per kilogram for a target price of Rs 446 per kilogram on the higher side.”
Renisha Chainani of Edelweiss recommends buying nickel September contract above Rs 970 per kilogram with a stop loss of Rs 950 per kilogram and target of Rs 1,000 per kilogram because LME nickel has given a breakout above USD 18,200 per tonne and prices are expected to move towards USD 18,600 per tonne and USD 19,000 per tonne at LME.
Priyank Upadhyay of SSJ Finance & Securities reckons that zinc prices are facing resistance on higher levels towards Rs 114-113 range per kilogram. He believes that it is headed lower towards Rs 110-109 per kilogram in short term as per our view. He advocates selling zinc contracts around Rs 112.50-113 per kilogram range with a stop loss above Rs 114 per kilogram for targets of Rs 110 per kilogram followed by Rs 109 per kilogram.
May 23 2013, 16:33
- in Asian markets
May 23 2013, 09:33
- in Technicals