"Post-Brexit, there is uncertainty that will be positive for gold. By December 2016, we expect gold to reach around Rs 33,500," Commtrendz Research Director Gnanasekar Thiagarajan told PTI.
Watch the interview of T Gnanasekar of Commtrendz Research & Fund Management with Anuj Singhal and Ekta Batra on CNBC-TV18. He spoke about the current trend in commodities markets.
Watch the interview of T Gnanasekar of CommTrendz Research & Fund Management with Ekta Batra and Anuj Singhal on CNBC-TV18. He spoke about the current trend in commodities markets.
T Gnanasekar of Commtrendz says, "I would sell December silver in any rallies to Rs 53800-53900 per kilogram levels."
The 12-year run in the precious metal finally came to an end. Gold declined with spot prices falling USD 1,400 and building fears. Apart from the fall being blamed on Cyprus, China data, it is also being linked to Japan's liquidity move. Commodity traders are turning bearish on it.
T Gnanshekar, Director at CommTrendz Research & Fund Management shares his views on gold and copper.
In an interview with CNBC-TV18, T Gnanasekar, Director at Commtrendz Research & Fund Management suggests selling gold on rallies up to Rs 30,600-30,650 per 10gm with stop loss for this trade at Rs 30,800 per 10 gm and target at around Rs 30,350 per 10gm.
Commodity market is an important market to keep an eye on. There has been a bit of a rally in silver and gold is also not doing to badly. Internationally crude has collapsed a little bit.
In an interview with CNBC-TV18, T Gnanasekar of CommTrendz Research & Fund Management says that if he had to take a short term call on crude, it was definitely a time to sell.
Shreekant Jha, Managing Director at PJ Commodity Ventures feels that crude has started coming down and it is very close to the levels we were talking about which is Rs 5,000 per barrel. So he suggests hanging on to the short positions and perhaps booking profit around Rs 5,000 per barrel levels.
Reena Walia, Sr. Research Analyst - International Commodities at Angel Broking expects gold prices to rise from an intraday perspective and for today‘s trade she recommends buying MCX gold June contract around Rs 28,900 per 10 grams levels.
Shreekant Jha of PJ Commodity Ventures thinks that crude didn‘t do anything much and it moved in a very narrow range. He reckons that crude didn‘t even go back to retrace on the Rs 5,400 per barrel levels.
Ashish Kyal of CommTrendz advises selling crude on rallies till Rs 5300-5320 per barrel with a stop loss of Rs 5400 per barrel and a target of Rs 5100 per barrel.
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 MCX gold contract for the month of June at around Rs 28,550 to Rs 28,580 levels. He suggests placing a stop loss at around Rs 28,450 and expects targets to be in the range of Rs 28,790 to Rs 28,800 levels for the day.
Rajini Panicker of MF Global Commodities India recommends selling the April contract of Nickel on MCX at levels of about Rs 926 per kilogram to Rs 931 per kilogram, Place a stop for this trade around Rs 944 per kilogram and look to target levels of Rs 900 per kilogram to about Rs 880 per kilogram.
NS Ramaswamy, head commodities at Ventura Securities recommends a buy on silver in the range of Rs 56,700-56,800 per kilogram. “The targets for silver would be 57,250 per kilogram and beyond that Rs 57,550 per kilogram. This could be with a stop loss close to Rs 56,500 per kilogram,” he adds.
NS Ramaswamy, head commodities at Ventura Securities recommends buying silver MCX May contract only on break out above Rs 57,750 per kilogram.
Ashish Kyal, Head of Research at Commtrendz feels that crude is in a broad range of Rs 5200-5400 per barrel levels.
T Gnanasekar of CommTrendz expects gold to rise to Rs 29,000 per 10 gm level if rupee remains in the range of 50.25 - 51 per USD. He sees this happening in three months. So, the trading strategy for gold, according to him is to buy on dips.
Crude prices tumbled 6% after the International Energy Agency announced it would inject 60 million barrels of government-held stocks in the global market, immediately increasing world supply by some 2.5% for the next month.
In an interview with CNBC-TV18, T Gnanasekar, research director at Commtrendz, said that copper is an indicator of economic strength and weakness and, thus, it might get benefitted by a weaker dollar.