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Rex Harrison Cano, part of Business Standard's online markets team, has over 25 years of experience, primarily in business journalism, tracking and analysing the Indian stock market. An avid market enthusiast and an expert technical analyst, Rex believes that charts and numbers come to life to tell stories of past and possible future journeys.
Rex Harrison Cano, part of Business Standard's online markets team, has over 25 years of experience, primarily in business journalism, tracking and analysing the Indian stock market. An avid market enthusiast and an expert technical analyst, Rex believes that charts and numbers come to life to tell stories of past and possible future journeys.
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.
On the downside, the Rs 56,235-level is the key support for Gold futures, below which a prolonged consolidation phase seems likely.
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.
Natural Gas futures have tumbled over 74 per cent their record highs. The commodity is now seen trading below major monthly moving averages after two years.
The MCX Gold futures are likely to consolidate in a trading band of Rs 56,100 to Rs 57,300 in the coming trading sessions.
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.
Stocks to Watch: Adani Enterprises FPO and Earthstahl & Alloys IPO opens for subscription on Friday. Shares of Adani Group companies also likely to be in focus amid the Hindenburg controversy.
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.
Stocks to Watch: Bajaj Auto, Cipla, Dr.Reddy's, Tata Elxsi and Tata Motors are some of the prominent companies to announce Q3 results on Wednesday.
Stocks to Watch: Delta Corp, L&T Finance Holdings and PVR are the three stocks in F&O ban period on Tuesday.
The overall bias for Gold prices likely to remain bullish as long as Gold sustains above the Rs 55,700 - Rs 55,400 support zone. This week, Silver prices may look to retest the Rs 70,000-mark.
Stocks to Watch: Shares of Axis Bank, Canara Bank, IDBI, Jindal Stainless and Tata Communications will be in focus ahead of Q3 results on Monday.
In case Rs 285 holds, Natural Gas futures can potentially rally to Rs 344.
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.
Stocks to Watch: IT shares are likely to be in focus after Infosys and HCL Technologies reported stronger than expected Q3 results; and Wipro scheduled to report earnings on Friday.
Stocks to Watch: Infosys and HCL Technologies to announce Q3 results; Sah Polymers to debut on Thursday.
In case, the MCX Crude Oil futures fail to hold the support, the commodity could revisit its December lows of Rs 5,850 level.
Stocks to Watch: GNFC and Indiabulls Housing Finance are the only stocks in F&O ban period on Wednesday.
Stocks to Watch: TCS reported 11 per cent YoY growth in Q3 net, while revenue beat analyst expectations at Rs 58,229 crore.