Rex Cano

On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.

Stocks to Watch: Shares of city gas distributors are likely to be in focus today as they react to government's nod for new pricing regime.

MCX Gold is likely to trade with a bullish bias this April as long as prices sustain above Rs 59,800; Pivot point for Silver is Rs 73,800.

The MCX Crude Oil futures seem on course to test the 200-WMA placed at Rs 5,000. However, given the indications from momentum oscillators, the commodity may break the support level.

Despite high volatility in the months of March the Nifty has ended higher in five of the last seven occasions.

The near term bias for MCX Gold April futures is likely to remain bullish as long as the commodity sustains above Rs 57,100.

Build-up of long OI in general indicates that traders are expecting the price of the underlying stock or index to gain in the near-term.

Analyst recommends investors should wait for some constructive growth direction before venturing into the Group stocks.

The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.

The weekly F&O data also highlights significant build-up in open interest at the 17,700 Put, suggesting likely support at this level.

The MCX Gold futures may test near term-resistance around Rs 56,170 - Rs 56,250; whereas, Silver futures may test Rs 64,930 - Rs 65,300.

The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue.

In case of a pullback, the immediate resistances for Gold and Silver futures are placed at Rs 56,050 and Rs 64,580, respectively.

In the interim, the 200-WMA at 16,975 could be another key level to watch out for, as the Nifty had bounced back from there during the correction in the first half of 2022.

On the flip side, in case, Crude Oil futures break the support at the lower-end the commodity could dip below the Rs 6,000 mark.

The weekly chart suggests, sustained break and trade below Rs 55,900, can trigger a fall in Gold futures towards the Rs 54,000 level.

Meanwhile, the MCX Natural Gas futures need to conquer the key resistances at Rs 224 and Rs 232 for a meaningful pullback rally to emerge.

On the downside, the Rs 56,235-level is the key support for Gold futures, below which a prolonged consolidation phase seems likely.

The MCX Natural Gas futures need to sustain above Rs 209-level, break and sustained trade above Rs 224 can trigger a rally towards Rs 255.

The MCX Gold futures are likely to find considerable support around Rs 56,235 level; the bias may turn cautious only on sustained trade below the same.