Positive on crude, aluminium, says Nirmal Bang’s Kunal Shah
Kunal Shah of Nirmal Bang Commodities spoke to CNBC-TV18 to give his views of commodities.
Kunal Shah of Nirmal Bang Commodities spoke to CNBC-TV18 to give his views of commodities.
On crude prices, Shah said, "In this week one can see oil prices may test levels of Rs 4,450 to Rs 4,460 on MCX so one can go long around Rs 4,390 with a stop loss of Rs 4,360 and Rs 4,450 is the target that we can see.”
"It seems that with the rise in liquidity everyone seems to be upgrading their target everyday so I think it is more to do with the uptick in the demand expectation and on the other hand OPEC compliance is very strict. So far we have not seen major rise in production from OPEC member and I think that is supporting the market.”
On metals, he said, “Aluminium looks very attractive, and with the rise in energy prices, the cost of production of aluminium moves up. And this is one of those metals where you have seen a laggard performance. So I think aluminium is set to move up from here. Rs 168 is the good levels to go long on the upmove you can see levels of Rs 172-173 and the stop loss should be placed around Rs 165."
Watch this video for more.
(Edited by : Priyanka Rathi)
First Published: Feb 15, 2021 5:24 PM IST
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