Experts bullish on crude & silver, bearish on lead & copper

NS Ramaswamy of Ventura Securities feels that the MCX crude May contract is a buy in the range of Rs 5125-5140 per barrel. He reckons that after witnessing a sharp fall of 14% from USD 110.53 per barrel witnessed on 1st March, the dollar NYMEX crude has tumbled close to USD 95 per barrel. “Rs 5125-5140 per barrel buying is recommended with a stop loss of Rs 5105 per barrel looking out for a target of intraday 5180 per barrel and beyond that to Rs 5210 per barrel” he says.

Dipen Shah of Stayvan.com thinks that in precious metals, silver prices saw some grinding in the trading session last week and managed to give some positivity during the closing moments of the trade. Hence he expects some positivity in the prices of silver today. As an intraday trade, he suggests buying silver futures on MCX at around Rs 54,100 per kilogram with a stop loss of Rs 53,900 per kilogram for a target of Rs 54,400 per kilogram. Rajini Panicker of MF Global Commodities India recommends going short on the May lead contract on MCX at levels of Rs 111 per kilogram. She suggests placing a stop for this trade around Rs 112 per kilogram and look to target levels of Rs 109 per kilogram. “On the technical charts we are noting that the May lead contract is facing a trend line resistance that comes in at Rs 111 per kilogram. The May contract is also trading below the middle line of the Bollinger band” she adds. On MCX, Kunal Shah of Nirmal Bang Commodities advises going short in copper at Rs 433 per kilogram with a stop loss placed above Rs 436 per kilogram and expect prices to move down and test levels of Rs 425 per kilogram.