Sell Silver near Rs 27,075/kg: Sushil Global Commodities

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » RELATED NEWS Silver has resistance at Rs 26780/kg: Nirmal Bang

Ashish Shah, Sushil Global Commodities is expecting negativity in gold and silver market. "We are seeing some pressures mainly because Europe crises are still going on. So, one can sell silver near Rs 27,075 per kg with a stoploss at Rs 27,180 per kg and for a target of Rs 26,950-26,825 per kg."

On copper, he says, long-term traders, who have been long since lower levels, should protect their profits because any time next week we may witness selling pressure. "Current fundamentals don't suggest a long-term bullish scenario." 

However, he says, intraday traders can buy copper near Rs 341.50 per kg with a stoploss at Rs 340 per kg for a target of Rs 344.30 per kg.

Here is a verbatim transcript of the exclusive interview with Ashish Shah on CNBC-TV18. Also watch the accompanying video.

Q: You have a sell call on silver?

A: Yes, I am expecting negativity in the gold and silver market. Probably for the day we are seeing some pressures mainly because Europe crises are still going on and it is not looking like an overnight story that problems in the eurozone get rectified. So selling near Rs 27,075 per kg odd with stop loss about Rs 27,180 per kg and we will be maintaining lower targets of Rs 26,950 to 26,825 per kg odd.

Q: Yet you are bullish on copper?

A: Yes, before being very optimistic about base metals, I think long-term traders, who have been long since lower levels, should protect their profits because anytime next week we may witness some selling pressure. Current fundamentals don't suggest a long-term bullish scenario at least for this month. However, intraday traders can look at being a part of this momentum and buying near Rs 341.50 per kg and for extended targets of Rs 344 per kg and Rs 344.50 per kg odd.