The overall market sentiments have improvement. The optimism of the US economic recovery could support the precious metals like silver and base metal prices today.
Reena Walia, senior research analyst of international commodities at Angel Broking recommended a buy on Multi Commodity Exchange (MCX) silver March contract around Rs 53,000 per kilogram levels. "Investors can apply a stop loss of Rs 52,700 per kilogram with a target Rs 53,500 per kilogram on the upside," she pointed out.
Talking about the base metals, Walia said that copper is also expected to trade higher, but the London Metal Exchange (LME) remained closed today on account of a holiday. She feels large upside should be restricted, but overall technically prices are expected to test around Rs 408-409 per kilogram levels. One can buy the February contract around Rs 404-405 levels with a stop loss of Rs 402 and target of Rs 409, she added.
Shifting focus to the black gold, better known as crude oil, she mentioned that it will also take cues from positive sentiments. In the near-month contract (January 2012 contract), one can buy around Rs 5,260 per barrel levels. The stop loss can be held around Rs 5,220 per barrel levels with a target of Rs 5,340 per barrel levels on the upside, Walia further stated.
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