Investors and analysts are keeping a close watch on the two day Federal open Market Committee. These meeting will help in deciding on how the commodity market pans out. The Fed could announce some quantitative easing to revive the US economy. The commodity market hugely depends on the current meeting and the experts will derive their views after this meeting.
Oil prices could see some rally after the FOMC meeting but most of the experts still remain bearish. Also the oil prices are expected to touch the levels of 82-81 in the coming days. One can go short on crude on MCX at Rs 4,180-4,190 per barrel and expect the prices to touch the levels of Rs. 4,100 per barrel.
In the commodities market Nickel is the best buy and one must go for Nickel. Nickel had gone for a correction in the market because of the deficit it had witnessed in the markets. But no major correction is seen in the current markets and one must target to for an further rise in the Nickel prices.
Nickel could see an upside of Rs. 1,025-1,030 in the near future. Most probably the commodities are looking fine and the experts are bullish on the commodity markets, so one must wait for the FOMC meeting and look for the expert views to make a final decision in the commodity market. The future seems bright so only some correction could be seen, so one must not worry much about the markets.
Bell The Bull: Experts are expecting good outputs after the meet which could improve the current scenario