Buy MCX Crude oil; target Rs 5250: Dani Commodities
Dani Commodities has come out with its report on energy and metals. According to the research firm, one can buy MCX Crude oil at Rs 5220 with a stop loss of Rs 5200 for the price target of Rs 5250.
Dani Commodities' report on commodities -
Crude oil futures tumbled below USD 96 a barrel in the Asia electronic session today as the US dollar gained ground ahead of the release of monthly U.S. retail-sales data. Crude oil for June delivery declined 72 cents, or 0.8 percent, to USD 95.32 a barrel during Asian hours on the New York Mercantile Exchange. The contract on Friday fell 35 cents, or 0.4 percent, as the U.S. dollar rose, though oil recovered from levels below USD 94 a barrel to end back above USD96.The dollar was extending gains against major rivals Monday, with Japan's currency falling below the 102-yen level and the Australian dollar trading below parity. The ICE dollar index , which measures the U.S. dollar's moves against six other major currencies, rose to 83.268, up from 83.132 late Friday in North America.The moves came as the U.S. Federal Reserve had reportedly sketched out a plan for winding down its stimulus program of buying USD 85 billion in bonds each month. Oil prices and the dollar may react later Monday to the U.S. Commerce Department's report on retail sales for April, as the report could give signs about the outlook for oil demand.On Friday, the Organization of the Petroleum Exporting Countries said demand grew less than expected in the first quarter of 2013, but it left its overall forecast unchanged at a rise of 800,000 barrels a day. OPEC, in a monthly report ahead of its May 31 summit, still expects consumption will increase in the second half of this year.MCX CRUDE OIL
International: Major Support for WTI at USD88 Bullish above USD 91
Domestic: Buy at 5220, Stoploss 5200, Target 5250.MCX GOLD
International: Major Support at USD1400. Bearish below USD1400.
Domestic: Buy at 26770, Stoploss 26700, Target 26870.MCX SILVER
International: Major Support at USD24. Bearish below USD24.
Domestic: Buy at 44900, Stoploss 44700, Target 45200.MCX COPPER
Domestic: Buy at 408, Stoploss 406, Target 410.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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