Buy bullion, sell copper & nickel: Ventura Commodities

NS Ramaswamy, Head CRM & Commodities at Ventura Commodities recommends buying gold and silver around current levels. He says, "Today we expect gold to see levels of Rs 29,720 per 10gm to probably close to Rs 29,850 per 10gm with a stop loss of Rs 29,400 per 10gm". He also suggests selling copper and nickel on an intraday basis.

Below is a verbatim transcript: Q: How are you trading gold and silver? A: We see gold to be trading in the range of USD 1,591 per ounce to USD 1,608 per ounce with a very thin trading expected today because of Easter Holiday break. The volatility should be back in the next week with European Central Bank (ECB) meetings and non-farm payroll data. Today we expect gold to see levels of Rs 29,720 per 10gm to probably close to Rs 29,850 per 10gm. With a stop loss of Rs 29,400 per 10gm one can have buy position in gold. Similarly, in silver we expect prices to see levels of Rs 54,300 per kilogram and beyond that to Rs 54,750 per kilogram. It is taking a good support at almost the levels of USD 2,870 per ounce in dollar terms. So, we expect some bounce back in silver also. Rs 53,560 per kilogram could be a stop loss if we were to take a longer position in silver May contract. Q: Anything from the base metals that looks interesting as a trade? A: We recommend a sell on copper and nickel on an intraday basis. Copper is likely to see levels of Rs 412-413 per kilogram. With a stop loss of Rs 423 per kilogram it looks to be on a weaker note. Nickel similarly is likely to see levels of close to Rs 912-914 per kilogram. With a stop loss of probably Rs 928 per kilogram, we expect nickel prices also to be slightly on a weaker note.