Derivatives Trading

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

The derivative analyst from HDFC Securities recommends to Buy Dabur 530 Put option and simultaneously Sell 525 Put of the March series.

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 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.

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

The stock price of Indraprastha Gas (IGL) has been taking support at 200 day EMA since January 2023

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 upside, the Rs 6,700-odd level remains a major hurdle for Crude Oil futures; whereas, interim support for Natural Gas is placed at Rs 240.

In case Rs 285 holds, Natural Gas futures can potentially rally to Rs 344.

In case, the MCX Crude Oil futures fail to hold the support, the commodity could revisit its December lows of Rs 5,850 level.

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 Bharat Forge 880 Call and simultaneously Sell 900 Call for the January expiry.

The options data indicates that the Nifty may look to hold on the 18,000-mark till expiry, given the high OI at the 18,000 Put.

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.

The derivative analyst from HDFC Securities also recommends buying United Spirits November futures for a price target of Rs 940.

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.