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."
He sees gold drifting down to USD 1,600 per ounce or lower. “Therefore, we see prices to fall below Rs 22,900-22,800 levels."
Rajini Panicker, head of commodities, MF Global Commodities India advices going short on nickel July MCX at Rs 1,090-1,100. “Our target is Rs 1,050-1,030 for this trade. The stop for this trade could be placed around Rs 1,115 levels.”
Meanwhile, T Gnanasekar, director of Comm Trendz Research & Fund Management said copper prices are holding up right now on supply issues in Chile and fall in LME inventory stocks. “One can look to buy it today on any dips towards Rs 435 with a stop loss at Rs 431 and a possible target of Rs 448 on MCX August copper.”
Ram Pitre, director of Brics Securities suggests buying copper at Rs 433-434 levels with a stop loss of Rs 431.80. "The target price is at Rs 438-440," he said.
