Commodity Bets: Expert tips on gold, nickel & copper

N Prasad of Safetrade Advisors advises selling MCX gold around Rs 29,800 per 10 grams with a stop loss of Rs 29,920 per 10 grams for a target of Rs 29,655 per 10 grams in the late evening session.

Ravindra Rao of Motilal Oswal reckons that nickel has been continuously drifting downwards. He expects the prices to go up further down. Rao believes that on the upside, resistance is at Rs 892 per kilogram and thus he anticipates prices to go down till Rs 858 per kilogram. He says, “A rise towards Rs 892-900 per kilogram can be used as a good selling opportunity with a stop loss of Rs 910 per kilogram for a downside target of Rs 858 per kilogram and then Rs 848 per kilogram.” Priyank Upadhyay of SSJ Finance & Securities feels that copper has been consolidating between Rs 423-417 per kilogram range from last two days. So, he recommends buying on a break above Rs 423 per kilogram with a stop loss below Rs 419 per kilogram for targets of around Rs 428 per kilogram followed by Rs 430 per kilogram. Atul Shah of Emkay Commtrade advocates buying copper in the August contract at the rate of Rs 419 per kilogram for a target price of Rs 425 per kilogram with a stop loss of Rs 415 per kilogram.