MARKET OUTLOOK OF COMMODITY TODAY

Natural Gas (Rs./Mmbtu): Natural Gas prices are trading down with a cut of 3.27% currently. Prices can now test its major support at 112.30 levels from here on. Intraday outlook for the counter will remain negative until prices stay below 120. Intraday rallies towards 118—119 zones can be sold into by traders. Any major reversal in the counter is likely only above 123.50.

Crude Oil (Rs/Bbl): Crude Oil prices will weaken further if prices start to trade below 2300 levels. Prices will correct towards 2278/2245 levels in that case. The counter needs to sustain above 2340 levels will see prices bounce towards 2370/2380 levels. A break above 2380 is required for prices to rebound further towards 2440 areas. The broader technical outlook for the counter remains negative.