CRUDEOIL
Monday 2 February, 2026
Technical Outlook – Crude Oil Futures
Crude Oil Futures continue to trade in a strong bullish channel, forming higher highs and higher lows after rebounding from the 5010 base. Price has respected the rising trendline support and recently consolidated above the key 5890 breakout zone, indicating strength but also short-term exhaustion near the upper channel. The zone between 5980–6020 is acting as an immediate supply area where profit booking is visible. As long as price sustains above 5600, the broader trend remains bullish and dips are likely to be bought. A decisive breakout above 6020 can trigger another impulsive leg higher, while a breakdown below 5430 would signal a deeper corrective phase.
Short-Term Research Report Call
Buy Above: 6020 Targets: 6150 – 6280 Stop-Loss: 5890
Sell Below: 5430 Targets: 5303 – 5010 Stop-Loss: 5602
Click here to view PDF
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
Monday 2 February, 2026
Technical Outlook – Gold Futures
Gold Futures have seen a sharp rejection from the upper supply zone near 175,800, followed by aggressive selling that dragged prices back into the 142,500–143,500 demand zone. This area is technically critical, as it coincides with prior breakout support and the rising channel base. The long lower wick near 133,476 suggests liquidity sweep and short-covering, indicating potential base formation rather than a trend reversal. As long as price holds above 140,000, the broader medium-term structure remains corrective-to-bullish. A sustained breakdown below 139,000 would negate this view and open deeper downside.
Short-Term Research Report Call
Buy Above: 144,500 Targets: 151,960 – 159,464 – 166,437 Stop-Loss: 139,000
Sell Below: 139,000 Targets: 135,000 – 133,476 – 129,165 Stop-Loss: 144,500
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
NATURAL GAS
Monday 2 February, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures remain structurally bullish after a sharp impulsive breakout from the 280–313 accumulation base, followed by a vertical rally towards 618.7. Post-rally, price has entered a healthy consolidation phase, holding above the key demand band near 380–360, which confirms strength rather than weakness. The current price action around 406 indicates consolidation above prior resistance, now turned support. As long as price sustains above 380, the broader bullish structure remains intact, and the market is likely preparing for the next directional move. Failure below 355 would signal deeper mean reversion towards lower demand zones.
Short-Term Research Report Call
Buy Above: 420 Targets: 460 – 500 – 535 Stop-Loss: 380
Sell Below: 355 Targets: 333 – 313 – 280 Stop-Loss: 380
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
Monday 2 February, 2026
Technical Outlook – Silver Futures
Silver Futures have broken down sharply from the upper resistance near 408,765, invalidating the rising channel structure. The strong bearish candle slicing through 364,173 and the highlighted supply-to-demand flip zone confirms trend exhaustion and aggressive long unwinding. Price is now trading near 265,652, which sits just above a major historical demand pocket. While short-term momentum remains bearish, this zone can trigger a technical pullback; however, unless price reclaims 292,231, the broader bias stays corrective-to-bearish. A decisive breakdown below 255,000 would open the door for a deeper mean reversion.
Short-Term Research Report Call
Buy Above: 272,000 Targets: 284,709 – 292,231 – 320,000 Stop-Loss: 255,000
Sell Below: 255,000 Targets: 240,000 – 225,000 – 210,000 Stop-Loss: 272,000
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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