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.
Commenting on the extended trade timing for interest rate PRAKARSH GAGDANI, chief executive officer of 5paisa says that the fatigue of longer trading hours for regular traders will soon weigh in.
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.
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.
The derivatives analyst from HDFC Securities suggests to BUY 1,150 Call for February 23 expiry of HCL Technologies, and simultaneously SELL 1,200 Call of the same series
Adani Enterprises, Adani Ports, ACC and Ambuja Cements witnessed significant build-up of OI in tandem with a fall in stock price so far this week, indicating build-up of shorts at these counters.
On the downside, MCX Crude Oil January futures could slide to Rs 5,940 or even re-test the recent lows at Rs 5,850-level; Natural Gas seems on course to test Rs 290 level.
The derivative analyst from HDFC Securities recommends to Buy Bank Nifty 43,500 Call and simultaneously Sell 44,000 Call for the weekly expiry ending on 22-December.
On the downside, the MCX Crude Oil futures have near support at Rs 7,111 and Rs 7,039 levels. Meanwhile, Natural Gas futures likely to get considerable support around Rs 486.
