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Last Updated : May 17, 2012 11:24 AM IST | Source: CNBC-TV18

Experts see crude & nickel as safe haven, expect weak gold

Rajini Panicker of MF Global Commodities India feels that gold is trading at four month lows and the RSI rating is also below 30 which indicates that gold is oversold.


Rajini Panicker of MF Global Commodities India feels that gold is trading at four month lows and the RSI rating is also below 30 which indicates that gold is oversold. She suggests selling June gold on MCX if it breaches the support level of Rs 27,850 per 10 grams for a target price of Rs 27,700-27,600 per 10 grams with a stop at around Rs 27,920 per 10 grams.


Priyank Upadhya of SSJ Finance and Securities reckons that crude oil has taken support in international markets around USD 92-91.50 per barrel zone. He feels that this pull back rally will extend up to USD 93-94 per barrel. On MCX he recommends buying around Rs 5,000-5,010 per barrel with a stop loss below Rs 4,960 per barrel and targets of around Rs 5,080-5,100 per barrel.

Looking at the fall of all the base metal prices for the last week, Dipen Shah of Stayvan.com realized that nickel was having a huge relative strength and it has not fallen as much as all the other base metal commodities have fallen. He is expecting some bounce back in the base metals complex as those are highly oversold. Hence he recommends buying commodity that is has high relative strength. Thus he suggests buying nickel May contract on MCX at around Rs 920 per kilogram with a stop loss of Rs 905 per kilogram for a target of Rs 945 per kilogram.



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First Published on May 17, 2012 09:22 am
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