Commodity Bets: Experts bullish on crude & silver

Dipen Shah, Business Head of Stayvan.com feels that there is some momentum left in crude and traders should buy crude on dips at around Rs 5,175 per barrel with a stop loss of Rs 5,145 per barrel for a target of Rs 5,200-5,220 per barrel.

Shreekant Jha, Managing Director of PJ Commodity Ventures had predicted for crude to reach Rs 5,200 per barrel levels and yesterday it reached pretty close to the targets at about Rs 5,180 per barrel. Jha says, “For people who are having a long position could probably wait for Rs 5,200 per barrel per barrel. If you want to take a fresh position, you can buy it at Rs 5,100 per barrel and maybe look at Rs 5,200-5,250 per barrel for profit taking.” Renisha Chainani, Deputy Manager - Research at Edelweiss recommends buying silver on MCX around Rs 53,400-53,500 per kilogram levels with a stop loss of Rs 53,150 per kilogram and the target of Rs 54,000 per kilogram on the higher side. Sumeet Bagadia of Destimoney Commodities expects aluminium prices to move down and touch levels of around Rs 101 per kilogram. He advocate using rise in prices till Rs 104-104.50 per kilogram levels as selling opportunity with a stop loss to be placed at Rs 106 per kilogram on higher side for the downside target of Rs 102 per kilogram and below that Rs 101 per kilogram in next couple of days.