Fundamentals look positive for crude: Angel Broking

Naveen Mathur, Associate Director for Commodities & Currencies at Angel Broking advocates selling MCX gold contract for the month of April between Rs 29,630 per 10gm and Rs 29,650 per 10gm.

“We recommend stop loss for this trade at Rs 29,750 per 10gm and a target of Rs 29,500 per 10gm”, he adds. For crude, Mathur recommends buying strategy at around Rs 4,950-4,960 per barrel with a stop loss at Rs 4,920 per barrel and a target on the upside at around Rs 5,010-5,020 per barrel. He further says, “All the fundamentals are positive for crude. Overall with the market sentiments becoming positive and yesterday we saw the Dow touching all time highs, I think the risk on strategy is on the cards again. Therefore, the markets and the data which is coming from the US will all lead to the crude prices on the upside”. Watch video for his bets