Naveen Mathur of Angel Broking recommends buying copper contract on the MCX. According to him, the fundamentals are very strong - the falling inventories, weaker dollar, at the same time the positive market sentiments.
Naveen Mathur of Angel Broking recommends buying copper contract on the MCX. According to him, the fundamentals are very strong - the falling inventories, weaker dollar, at the same time the positive market sentiments. Therefore he suggests buying at around Rs 426-427 per kilogram levels on the MCX with a stop loss to be placed at around Rs 421 per kilogram and the targets in the range of Rs 432-434 per kilogram levels.
Sumeet Bagadia of Destimoney feels that silver has a major support at Rs 55,000 per kilogram. He says that if prices are able to break these levels then a sharp correction can be seen till Rs 53,000 per kilogram. So he suggests using Rs 55,700-55,800 per kilogram levels as selling opportunities with a stop loss to be placed at 56,200 per kilogram for the downside target of Rs 55,200 per kilogram and below that Rs 54,500 per kilogram in next one or two days.
Ashish Shah of Sushil Global Commodities expects crude oil to trade in the range of Rs 5,450-5,500 per barrel. He sees very strong resistance appears to be near the Rs 5,500 per barrel mark. So he suggests traders to go short on this commodity at current levels and rally to Rs 5,500 per barrel with stop loss above Rs 5,530 per barrel for a downward target objective of Rs 5,420-5,380 per barrel.
Ashish Kyal of CommTrendz reckons that gold prices have inched higher in lines with his expectations. However he feels that prices are finding strong resistance around psychological Rs 29,000 per 10 grams levels. So he advises buying gold on moves above Rs 29,000 per 10 grams with a stop loss of Rs 28,800 per 10 grams and a target of Rs 29,400 per 10 grams.
READ MORE ON Commodity Bets, Naveen Mathur, Angel Broking, copper, MCX, Sumeet Bagadia, Destimoney, silver, Ashish Shah, Sushil Global Commodities, crude oil, Ashish Kyal, CommTrendz, gold
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Economy turning for sure but cant say for mkts: DSP