F&O Strategies

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.

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.

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 technical analyst expects an upside target of 17,800 - 17,900 on the Nifty, with stop loss of 17,400.

The derivative analyst from HDFC Securities recommends to Buy PowerGrid 222.50 Call and simultaneously Sell 230 Call for the March expiry.

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

The derivative analyst from HDFC Securities recommends to Buy Glenmark 460 Call and simultaneously Sell 480 Call of the March series.

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.

According to the technical analyst, the Nifty is in the process of forming an Inverse Head and Shoulder pattern, which is a bullish chart pattern.

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.

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.

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.

The derivative analyst from HDFC Securities recommends to Buy IOC 83 Call and simultaneously SEll 85 Call of the January expiry.

The overall bias for Gold remains bullish, with near support seen at Rs 55,900 level. The Bollinger Bands indicate a likely trading range of Rs 2,000-odd points for the MCX Silver March futures.

The derivative analyst from HDFC Securities suggests to BUY 7,200 Call for January 25 expiry of UltraTech Cement, and simultaneously SELL 7,400 Call of the same series.