NS Ramaswamy of Ventura Securities recommends buying MCX Gold August contract at levels of Rs 30,050-30,070 per 10 grams with a stop loss of Rs 30,010 per 10 grams. We expect targets of Rs 30,180 per 10 grams and beyond that Rs 30,250 per 10 grams.
Ram Pitre, Head research at ITI Limited expects crude oil trade higher due to improved sentiment for euro and corrective rally expected in US dollar. So, he suggests buying crude at around Rs 4,700 per barrel with a stop loss of Rs 4,660 per barrel for a target price of Rs 4,770-4,800 per barrel.
Priyank Upadhyay of SSJ Finance & Securities feels that after the recent pullbacks in commodities, resistance is coming in base metals on higher levels. He looks to sell lead on rallies around Rs 108-108.50 per kilogram with a stop loss above Rs 110 per kilogram and we look for targets of around Rs 105 per kilogram.
Sumeet Bagadia of Destimoney Commodities reckons that nickel will continue to move up for the day. So he advises initiating long position at around Rs 890 per kilogram levels with a stop loss to be placed below Rs 880 per kilogram levels for the upside target of Rs 910 per kilogram and above that Rs 920 per kilogram .