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Counter has established a major weakness and likely to persist with an objective of 5240/5190 or even further. However, in this dreary state voluminous trade above 5344-50 region could question our intraday weakness and push prices towards 5385/5410 for a pullback. Turn around level seen at 5425 region. Crude Oil suggest that prices have given a breakdown from the rising channel formation. MACD is in a sell mode. We expect prices to correct up to levels of 5240.
Free MCX Tips-
MCX Crude oil Apr: Sell around 5320 levels with a stop loss placed above 5360 levels for targets of 5240 levels.
MCX Natural Gas April: Sell around 111 levels with a stop loss placed above 114 levels for a target of 107 levels.
