On Wednesday, the news from financial markets lifted the international crude prices with a hope that the US Federal Reserve's policy panel could act to boost the economy.
Naveen Mathur, associate director of commodities and currencies at Angel Broking recommended buying the Multi Commodity Exchange (MCX) October contract of crude oil at Rs 4,150 per barrel with a stop loss at Rs 4,100 per barrel and target of Rs 4,230-4,240 per barrel.
Moreover, PJ Commodity Ventures' managing director Shreekant Jha mentioned that crude oil took support at the 4,050 levels and closed around Rs 4,170 per barrel levels. "Considering that the long term trend is down and short term trend is correcting for crude, the target of Rs 4,300 per barrel levels will remain," he told CNBC-TV18. He suggested to trading in that range and exit around Rs 4,300 per barrel levels if the invest is holding a long position.
In the precious metal space, director of Comm Trendz Research and Fund Management, T Gnanasekar advised a buy on silver on any dip towards Rs 64,000-64,200 per kilogram for a possible target of Rs 65,500-65,700 per kilogram with a stop at Rs 63,800 per kilogram.
However, on the base metal space, Kunal Shah, research head of commodities at Nirmal Bang Commodities recommended to go short in non-ferrous complex, especially in metals like copper. "Copper should be short at Rs 402 per kilogram with a stop loss above Rs 408 per kilogram and target of Rs 392 per kilogram," he indicated
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