We are bullish on gold for intraday: Naveen Mathur, Angel

Below is the edited transcript. Also watch the accompanying video

Q: Would you be bullish on gold from a trading perspective?

A: We are bullish on gold for the intraday positions. We may see some kind of attraction coming in the Indian markets, particularly with the sentiments going positive as we saw the last week continuing.

The only negative today is Japan's GDP figure which came up at 0.3% versus the last quarter of 1.2% plus. Other things remaining flat, technically, we still recommend buying the gold contract on the MCX for the month of October at around Rs 29,950-29,960 per 10 gram.

It is trading right now at around Rs 30,000 per 10 gram. The targets would be upside to an extent of Rs 30,125-30,130 per 10 gram. We would recommend a stop loss for the trade at around Rs 29,850 per 10 gram.

Q: Crude is starting with some strength after Brent went to USD 114 per barrel overnight. Would you recommend a long there?

A: Yes, we technically recommend the long positions. Fundamentally also, it is slightly bullish. But then I think the fundamentally long positions can be still taken and held on. Today also the intraday position on the MCX August contract can be bought in at around Rs 5,100-5,110 per barrel.

We would recommend stop loss for this trade at around Rs 5,060 per barrel and targets on the upside in the range of Rs 5,180-5,190 per barrel.

Q: You not quite bullish on copper?

A: The economy, particularly the global uncertainties which are still looming across is not giving a flip to the base metal prices on the upside. So, pretty much range bound for the entire base metal pack let it be the international markets or Indian.

Selling copper would be recommended on the MCX for the intraday position at around Rs 418-419 per kilogram levels. We would recommend putting the stop loss at around Rs 421 per kilogram and targets on the downside in the range of Rs 412-411 per kilogram.