Gold has been creating waves in the commodities space, hitting new lifetime highs. Commodities in general have seen a surge on heavy safe haven buying amid concerns over debt in the US and the euro zone. Below are the top commodity picks for the day.
Gold:VP of Anand Rathi Commodities Kishore Narne suggests buying gold on dips towards Rs 23,000-23,050 levels, with a stop loss of Rs 22,800 and a target of Rs 23,400.
According to NS Ramaswamy, Head of Commodities at Ventura Securities, the strategy for the day would be to remain long on the MCX Gold contract. He suggests buying in the range of Rs 23,200-23,220 which could be close USD 1,600-1,601. The target for that day is USD 1,611-1,619 which could be close to Rs 23,350-23,400, with a stop loss of Rs 23,110 or USD 1590.
Zinc:According to Naveen Mathur of Angel Broking, the strategy in commodity space would be to buy the MCX July contract of zinc in the range of Rs 105.50-105.60. Recommended stop loss is Rs 103.80 and target would be seen in the range of Rs 108-108.50 levels.
Crude oil:Today we see the expiry in crude oil. However, Ashish Shah from Sushil Global Commodities says that one can expect a good volatility and momentum for the day, with Rs 4,250 to be a key level to watch out for, which will act as a support. So he recommends aggressive traders to wait for a break of Rs 4,250 and then to go ‘short’ for a target price of Rs 4,185-4,190.
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