Rajini Panicker of MF Global Commodities India recommends to go short the May silver on MCX at levels of around Rs 56,850-56,950 per kilogram. "Place a stop for this trade around levels of Rs 57,200 per kilogram and look to target levels of Rs 56,200 per kilogram to about Rs 55,900 per kilogram," she says.
Kaushal Jaini, assistant vice president of Dani Commodities advises to short gold MCX Rs 27,300 per 10 grams with a stoploss of Rs 27,500 per 10 grams and target of Rs 27,000 per 10 grams.
Experts say that it is best to go long on crude and gold in the commodity space today.
Experts tell CNBC-TV18 why copper, crude and nickel are excellent picks from the commodity basket.
Rajini Panicker, head of commodities research, MF Global Commodities India recommended sell on zinc."Short September zinc on MCX at around Rs 94-94.50 with a tight stop loss at Rs 95.50 and a target of Rs 89," she said.
Ashok Mittal of MD Vertex expects to see resistance for gold around USD 1,620. "For the Indian market we are recommending to sell around Rs 23,200 per 10gm, keeping a stop loss of Rs 23,300 per 10gm."
Gold advanced as the prolonged US debt stalemate helped demand for the precious metal as a haven.
The strategy for this week is to buy silver said Ashok Mittal of MD Vertex. "We are expecting silver prices to remain bullish because they have taken very good bounce back from the lower levels."
Alastair Newton of Nomura International, Jonathan Barratt managing director of Commodity Broking Services and Rajini Panicker of MF Global Commodities discuss where might the crude go from here and how do you go about investing in crude.