Experts say buy gold & silver, sell crude & nickel

Dipen Shah of Stayvan.com thinks that gold prices saw a fall on commodity exchange but a weakening rupee is adding support to the prices on MCX. He sees some bounce back in gold prices on commodity exchange and thus he advises adding further support to gold prices on MCX. “MCX gold could be bought around at Rs 28,200 per 10 grams with a stop loss of Rs 28,100 per 10 grams for a target of Rs 28,400 per 10 grams” he adds.

Kunal Shah of Nirmal Bang Commodities feels that the pressure on commodities will continue and in this scenario so he advocates going short in crude oil at Rs 5,120 per barrel with a stop loss placed above Rs 5,150 per barrel and expect prices to move down and test levels of Rs 5,065-5,070 per barrel during the day. NS Ramaswamy of Ventura Securities reckons that silver could open out with a gap down today. He recommends buying with a level of Rs 53,100-53,200 per kilogram with a stop loss of Rs 52,800 per kilogram. With this trade, he expects targets of Rs 53,650 per kilogram and beyond that to 53,900 per kilogram. Rajini Panicker of MF Global Commodities India recommends going short on the May contract of Nickel on MCX at levels of Rs 922 per kilogram. She advises placing a stop for this trade around levels of Rs 932 per kilogram and look to target levels of Rs 900-880 per kilogram.