The crude prices rose yesterday after the Italian PM resigned, which kind of indicated a clearer path towards solving the euro zone crisis, said Comm Trendz Research & Fund Management's Director T Gnanasekar. Moreover, he pointed out that the December contract on Multi Commodity Exchange (MCX) can be bought on dips to Rs 4,700 per barrel with a stop loss at Rs 4,650 per barrel and target of Rs 4,825 per barrel.
However, Kishore Narne, vice president of Anand Rathi Commodities suggested a buy on crude at Rs 4,670-4,680 per barrel with a stop loss below Rs 4,600 per barrel and target of Rs 4,750-4,800 per barrel in a couple of days.
From the precious metals space, Ashish Shah of Sushil Global Commodities feels silver has maintained its prices above the key psychological as well as the 200-day moving average of about Rs 55,000-55,400 per kilogram levels.
"Till this price level holds, one can expect a short-term rally in silver," he added. He advised a buy in the range of Rs 57,000-56,800 per kilogram with a stop loss below Rs 56,000 per kilogram and target of Rs 59,000 per kilogram and Rs 60,500 per kilogram on the higher side.
Meanwhile, managing director of PJ Commodity Ventures, Shreekant Jha said that gold is at an all time high now having crossed the Rs 28,500 per 10 gram levels. Having reached an unmarked territory, the next target for gold is Rs 29,000 per 10 gram, he elucidated.
One should hold on to the positions in gold, which we suggested earlier and ride this rate until it reaches Rs 29,000 per 10 grams. He recommended a buy on intraday for corrections, but indicated that the risk factor on long-side is very low on gold and one should stay invested.
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