Commodity Bets: Trading ideas for crude, silver & nickel

Kunal Shah, Nirmal Bang Commodities believes that crude still looks weak. He saw a massive built up in inventory for crude oil yesterday and feels that oil prices are likely to go down. He advocates going short in MCX crude oil at Rs 5,325 per barrel with a stop loss of Rs 5,375 per barrel for target levels of Rs 5,240 per barrel.

NS Ramaswamy of Ventura Securities expects silver to remain on the bullish front. He recommends buying only beyond Rs 57,100 per kilogram in the MCX silver September contract looking out for a target of Rs 57,850 per kilogram and beyond that to Rs 58,150 per kilogram with a stop loss of Rs 56,900 per kilogram. Renisha Chainani, Edelweiss reckons that silver prices had a good run up last week and thinks that it is consolidating its gains this week. She expects prices to again touch Rs 60,000 on the higher side. On MCX, for intraday traders, she advises buying silver around Rs 57,800 per kilogram with a stop loss of Rs 57,550 per kilogram and target of Rs 58,000 per kilogram on the higher side. Priyank Upadhyay of SSJ Finance & Securities thinks that nickel prices are trading around Rs 900 levels which are upper resistance zones. He advises selling nickel August contract around Rs 905-910 per kilogram ranges with a stop loss above Rs 920 per kilogram and we expect targets of around Rs 880 per kilogram. Also Read Gold futures down on profit-booking, weak global cues Angel Broking bearish on bullion, crude & base metals