By: Moneycontrol
Investors have been turning to commodities during this phase of global market volatility. Here are experts’ top picks for the day.
Gold:According to Naveen Mathur, Associate Director, Commodities & Currencies, Angel Broking, the commodity strategy for the day would be to buy the MCX October contract of gold in the range of Rs 26,100-26,110 per 10 gm. The stop loss recommended is Rs 25,950 per 10 gm and target is in the range of Rs 26,380-26,400 per 10 gm levels.
With the way the eurozone problems continue, there could be another round of safe haven buying in gold. Therefore, T Gnanasekar, director of Comm Trendz Research & Fund Management recommends buying during dips to Rs 26,100 per 10 gm, with a stop loss of Rs 25,970 per 10 gm and a target of Rs 26,450 per 10 gm.
Copper:Ashish Shah of Sushil Global Commodities believes that copper will continue to remain under technical selling pressure and that it will lack any fundamental buying triggers. Therefore, he expects the metal to remain in the range of Rs 405 per kg on the higher side and Rs 385-387 per kg on the lower side. He recommends selling that counter for a lower target of Rs 395-390 per kg, with an overall stop loss of Rs 405-407 per kg.
Crude:According to NS Ramaswamy, head of commodities at Ventura Securities, the MCX August crude contract continues to remain a buy counter. He recommends going long at the levels Rs 3,900-3,905 per barrel, expecting a target of Rs 3,980-4,050 per barrel. This could be played with a stop loss of Rs 3,845 per barrel.
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