Opt for safe haven gold over crude, nickel: Experts

News of the Greek referendum has reversed flows in financial markets world over. Therefore, the general sentiment in the market is to short commodities, except for the safe haven gold.

Crude oil:

Going with the negative newsflow in the world, Ram Pitre of ITI Limited advices traders to sell crude oil in the range of Rs 4,585-4,595 per barrel. He maintains a stop loss of Rs 4,610 per barrel for a target price of Rs 4,500-4,535 per barrel.

NS Ramaswamy, head of commodities at Ventura Securities also has a sell call on crude in the range of Rs 4,485-4,500 per barrel. His first target is Rs 4,450 per barrel after which he expects it to fall as low as Rs 4,405 per barrel. He recommends a stop loss of 4530

Gold:

Due to the weakness in the dollar index, Sumeet Bagadia from Destimoney Commodities Pvt Limited says that gold is an attractive option around Rs 27,750 per 10 gm levels with a stop loss below Rs 27,400 per 10 gm. He expects the yellow metal to move to Rs 27,750-27,900 per 10 gm on the higher side.

Nickel:

Reena Walia, senior research analyst - International Commodities at Angel Broking recommends shorting nickel around Rs 945-950 per kg on the MCX November contract due to the selling pressure in base metals. With a target of Rs 922 per kg, Walia maintains a stop loss of Rs 062 per kg.

Watch the accompanying video for more details.