CRUDEOIL
Thursday 29 January, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures remain in a strong bullish continuation phase after a clean breakout from the falling channel and a sustained reversal from the 5,010–5,100 demand zone. Price has decisively reclaimed the key resistance band near 5,300, which has now flipped into a solid support base, confirming trend reversal strength. The ongoing rally has pushed Crude Oil toward the major supply zone around 5,850–5,890, where selling pressure is currently visible, indicating short-term profit booking rather than trend exhaustion. As long as price holds above 5,430–5,500, the broader bullish structure remains intact with higher highs and higher lows. A sustained breakout above 5,890 would signal continuation of momentum toward 6,050 and 6,200. However, failure to sustain above 5,600 and a breakdown below 5,430 could trigger a corrective pullback toward 5,300, followed by 5,100, which remains the key structural support zone.
Short-Term Research Report Call
Buy Above: 5,900 Targets: 6,050 – 6,200 Stop-Loss: 5,750
Sell Below: 5,430 Targets: 5,300 – 5,100 Stop-Loss: 5,580
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Validity
19/02/2026
Pivot
5792.00
Buy Above
5815.68
R1
5848.24
R2
5882.28
R3
5942.96
Stop Loss
5806.80
Pivot
5792.00
(All values are in INR)
Sell Below
5768.32
S1
5735.76
S2
5701.72
S3
5641.04
Stop Loss
5777.20
GOLD
Thursday 29 January, 2026
Technical Outlook – Gold Futures
Gold Futures remain in a strong bullish continuation phase, with price sustaining above the rising channel and delivering an impulsive breakout from the earlier consolidation zone near 143500–145000. The sharp vertical rally reflects aggressive buying momentum, and price is now trading firmly above the previous resistance at 159400, which has flipped into a crucial support base. The current consolidation near 166000–166400 appears healthy, suggesting absorption of supply rather than trend exhaustion. As long as Gold holds above 159400–151960, the broader structure stays decisively bullish. A sustained acceptance above 166400–166500 would open further upside toward 170000–172000 in the short term. Any corrective pullback is expected to find buyers near 159400, while a deeper retracement toward 151960 would still be considered structurally bullish unless decisively broken.
Short-Term Research Report Call
Buy Above: 166500 Targets: 170000 – 172000 Stop-Loss: 159400
Sell Below: 151960 Targets: 145000 – 140000 Stop-Loss: 156500
Click here to view PDF
Validity
05/02/2026
Pivot
164105.00
Buy Above
165161.00
R1
166613.00
R2
168131.00
R3
170837.00
Stop Loss
164765.00
Pivot
164105.00
(All values are in INR)
Sell Below
163049.00
S1
161597.00
S2
160079.00
S3
157373.00
Stop Loss
163445.00
NATURALGAS
Thursday 29 January, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures are showing extreme volatility after a sharp vertical rally, followed by immediate profit booking from the upper resistance band near 480–495. Price earlier reversed strongly from the major demand zone around 255–280, breaking the falling channel decisively and triggering a short-covering driven spike. However, the inability to sustain above 420–430 earlier and the current rejection near 480+ indicate that the move has entered a distribution and consolidation phase. The zone between 340–355 now acts as an immediate demand area, where price is attempting to stabilize. As long as Natural Gas holds above 330–340, the broader bullish reversal structure remains intact. A sustained hold and acceptance above 360–375 can again open upside toward 420, followed by 460–490. On the downside, a breakdown below 330 would weaken momentum and expose a deeper retracement toward 313 and 280, which remains the key medium-term support.
Short-Term Research Report Call
Buy Above: 375 Targets: 420 – 460 Stop-Loss: 345
Sell Below: 330 Targets: 313 – 280 Stop-Loss: 360
Click here to view PDF
Validity
24/02/2026
Pivot
343.93
Buy Above
348.86
R1
355.64
R2
362.72
R3
375.35
Stop Loss
347.01
Pivot
343.93
(All values are in INR)
Sell Below
339.01
S1
332.23
S2
325.15
S3
312.52
Stop Loss
340.85
SILVER
Thursday 29 January, 2026
Technical Outlook – Silver Futures
Silver Futures continue to trade in a strong bullish structure, maintaining a rising channel with consistent higher highs and higher lows. Price has successfully converted the earlier supply zone around 320000–325000 into a strong demand area, confirming sustained buying interest on intraday pullbacks. The recent impulsive rally has pushed prices into the immediate resistance band near 385000–387000, where mild consolidation is visible, indicating temporary profit booking rather than trend exhaustion. As long as Silver holds above 360000–365000, the broader bullish bias remains intact. A sustained breakout and acceptance above 387000 would open the path toward the next upside extension near 400000–410000. On the downside, a decisive breakdown below 355000 would signal deeper corrective pressure toward 325000, which remains the key structural support and trend-defining level.
Short-Term Research Report Call
Buy Above: 365000 Targets: 387000 – 405000 Stop-Loss: 355000
Sell Below: 355000 Targets: 325000 – 292000 Stop-Loss: 370000
Click here to view PDF
Validity
05/03/2026
Pivot
379380.33
Buy Above
383081.61
R1
388170.87
R2
393491.46
R3
402975.99
Stop Loss
381693.63
Pivot
379380.33
(All values are in INR)
Sell Below
375679.05
S1
370589.79
S2
365269.20
S3
355784.67
Stop Loss
377067.03
Market Commentary
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Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.
Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.
Analyst Certification: I/We, Ayushi Jain Research Analyst, authors, and the name subscribed to this report, hereby certify that all the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. NISM Research Analyst registration number – NISM-201900015194.
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