Buy MCX Crude oil; target Rs 6440: Dani Commodities
Dani Commodities has come out with its report on metals & energy. According to the research firm, one can buy MCX Crude oil at Rs 6400 with a stoploss of Rs 6370 for target price of Rs 6440.
October 07, 2013 / 14:29 IST
Dani Commodities' report on metals & energy
Crude oil are trading lower in the Asia electronic session today as politicians in Washington showed no signs of making progress to resolve the US budget standoff*Democrats and Republicans remained far apart on ending the government shutdown, let alone reaching a deal on the US borrowing limit by October 17 to avoid an unprecedented default*Republican House Speaker John Boehner vowed not to raise the debt ceiling without a "serious conversation" about what is driving the debt, while Democrats said it was irresponsible and reckless to raise the possibility of a default.The comments appeared to mark a hardening stance since late last week when Boehner was reported to have told Republicans privately that he would work to avoid default, even if it meant relying on the votes of Democrats, as he did in August 2011.Light, sweet crude futures for November delivery fell 0.35 percent to $103.48 per barrel in Asian trading on the New York Mercantile Exchange*The November contract settled up 0.51 percent at $103.84 per barrel last Friday*Last week, New York-traded crude broke a four-week skid, rising 0.95 percentOil prices were boosted as Tropical Storm Karen continued to bear down on the energy-rich U.S*Gulf Coast prompting oil-rig evacuations ahead of time*However, gains were capped due to the shutdown, the first in the U.S*since the 1990s*MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Buy at 6400, Stoploss 6370, Target 6440.MCX GOLD
International: Major Support at USD 1250. Bearish below USD1250.
Domestic: Sell at 29400, Stoploss 29480, Target 29220.MCX SILVER
International: Major Support at USD19. Bearish below USD19.
Domestic: Sell at 49050, Stoploss 49300, Target 48700.MCX COPPER
Domestic: Buy at 456, Stoploss 454, Target 459.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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