Below are Views On Weekly Recommendations on Commodities by NS Ramaswamy, Head of Commodities, Ventura Securities Ltd
MCX GOLD prices have been holding above the 20 weeks moving average from past few weeks. This level is seen as strong support for the prices which is now placed near 47600 level. Prices have bounced back several times from the same level in the recent past. We expect the prices to trade with positive bias in the coming sessions.
BUY MCX GOLD OCT IN THE RANGE OF 48200 TO 48400 FOR THE TARGET OF 49000/49500 WITH STOP LOSS BELOW 47600.
As per our last week’s view, MCX NICKEL prices traded positive for the week after breaking above the key resistance. Our target of 1500 was achieved throughout the week. We expect the prices continue to rise further. Prices may head towards 1550 level in coming sessions. Immediate support is seen near 1470 level.
BUY MCX NICKEL AUG IN THE RANGE OF 1490 TO 1500 FOR THE TARGET OF 1530/1550 WITH STOP LOSS BELOW 1470.
As per our last week’s view, MCX NATURAL GAS prices traded positive for the entire week. We expect the uptrend to continue further. Prices may head towards 350 level in coming sessions. Any dip in the prices can be used as an opportunity to create long position in the counter.
BUY MCX NATURAL GASAUG THE RANGE OF 290 TO 295FOR THE TARGET OF 330/350 WITH STOP LOSS BELOW 270.
NCXDEX COTTON SEED OIL CAKE prices are making higher high pattern on daily chart and prices have broken above the trend line resistance on the daily chart. We expect further uptrend in the prices in coming sessions.
BUY NCDEX COCUDAKL AUG IN THE RANGE OF 3030 TO 3040 FOR THE TARGET OF 3250/3400 WITH STOP LOSS BELOW 2900.
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