The commodity space has been witnessing a lot of volatility due the rising concerns over global growth and fears of euro zone's sovereign debt crisis. Crude oil futures fell sharply on Friday, settling at the lowest price in more than a year.
Shreekant Jha, managing director of PJ Commodity Ventures feels that crude oil is bearish right now. "Crude is below the Rs 4,100 per barrel mark which means it has established the long and short-term trend as a sell," he added. He recommended a sell on crude at Rs 4,050 per barrel levels with a target of Rs 3,800 per barrel levels and stop loss above Rs 4,100 per barrel on the short side for trade.
However, gold futures edged higher on Friday, paring a weekly loss due to global concerns which boosted the appeal of the precious metal.
Safetrade Advisors' chief executive officer N Prasad suggested a sell on gold near Rs 25,650 per 10 grams on Multi Commodity Exchange (MCX) with a stop loss at Rs 26,850 per 10 grams for an intraday target of Rs 25,080-25,120 per 10 grams.
Moreover, silver MCX December contract would be the strategy to go long at Rs 50,750-50,800 per kilogram, NS Ramaswamy, head (Commodities) of Ventura Securities told CNBC-TV18. He expects the session to be very volatile. "Probably, the first half could see some weakness also," he mentioned. According to him, Rs 50,250 per kilogram can act as a stop loss with a target of Rs 51,800-52,500 per kilogram.
From the base metals
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