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Rex Harrison Cano has over 25 years of experience, primarily in business journalism, tracking and analysing the Indian stock market. An avid market enthusiast and a proficient technical analyst, Rex believes that charts and numbers come to life to tell stories of past and possible future journeys.
Rex Harrison Cano has over 25 years of experience, primarily in business journalism, tracking and analysing the Indian stock market. An avid market enthusiast and a proficient technical analyst, Rex believes that charts and numbers come to life to tell stories of past and possible future journeys.
Stocks to Watch: Shares of aviation firms, such as IndiGo, SpiceJet, Jet Airways, are likely to be in focus on May 03 after Go First filed for insolvency proceeding on Tuesday.
Stocks to Watch on May 02: On the earnings front, Ambuja Cements, Adani Total Gas, PSB, Tata Steel and Uco Bank are likely to be on investors radar on Tuesday.
The PCR for Nifty and Bank Nifty for the April series is above 1, suggesting presence of strong Put writes for both derivatives.
In case, the MCX Natural Gas futures manages to conquer the Rs 195 hurdle, a sharp rally towards Rs 260 - 300 seems likely.
The MCX Gold June futures could dip to Rs 58,300 or lower, in case the support at Rs 59,750 gets violated; Pivot point for Silver is Rs 74,850.
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.
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: Index heavyweights Reliance and Bharti Airtel will see some action as the former wages a price war in the broadband connection.
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.