The MCX Gold futures need to cross and sustain above Rs 51,350 to regain upward momentum; Silver futures has near support at Rs 56,100.
The MCX Crude Oil has near support at Rs 7,740, below which it can slide towards the 200-DMA at Rs 7,100. Natural Gas may test Rs 410-odd level, while a bounce to Rs 500-odd level cannot be ruled out.
Gold futures are likely to trade with a bullish bias as long as they hold above Rs 51,535 in the entire month of July; Silver futures could decline towards Rs 53,850.
The technical analyst from HDFC Securities recommends buying Axis Bank 640 Call and simultaneously selling 650 Call for the July expiry.
According to the technical charts, auto ancillary stocks, like Talbros Automotive, Jupiter Wagons and Minda Industries are likely to rise another 15 per cent in the upcoming trading sessions.
The MCX Crude Oil futures seem on course to test the 100-DMA around Rs 8,050-level; Select momentum oscillators on Natural Gas have hit oversold territory, thus a pull-back rally can be expected.
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
The MCX Natural Gas futures can slide all the way towards its 100-DMA placed at Rs 485-level; Crude Oil prices may see share reaction on breakout of the Rs 9,000-9,700 expected trading band.
The 100-WMAs hold the key for the Sensex and Nifty; Only a decisive breakdown of the same could mean medium-term bearishness for the benchmark indices.
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
The MCX Natural Gas futures are likely to trade with a bullish bias for the remainder of the week as long as prices sustain above Rs 709.50.
Charts reveal that ITC seems poised for another 15 per cent rally; Similarly, Godfrey Phillips has seen a "Golden Cross" and looks promising while others are seen testing historic support levels.
On the downside, the MCX Crude Oil futures may test support near Rs 8,600-level; Natural Gas futures are likely to consolidate with support seen at Rs 600-mark.
The BSE Sensex and the Nifty 50 stand currently 10 per cent higher from the May 2021 levels, and if positive sentiment continues, the market may repeated a similar bull run.
The technical analyst from HDFC Securities recommends buying ICICI Bank 740 Call and simultaneously selling 760 Call for the June expiry.
The MCX Natural Gas futures may test Rs 704 as indicated on the daily charts; the bias for the remainder of the week is likely to remain bullish as long as Natural Gas sustains above Rs 673.
According to the technical analyst, MCX India has a classic setup, precise Bullish BAT pattern on the daily chart with N-wave completed near the potential reversal zone.
Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach
The upside for MCX Gold June futures seem capped around Rs 51,500-odd level; while MCX Silver futures are likely to face strong resistance in the Rs 64,200 - 64,800 range.
The MCX Gold futures may slide towards the 200-DMA at Rs 48,840 in the near term; while the broader trend indicates a downside target of Rs 53,000 for MCX Silver futures.