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Crude Oil Outlook 30.04.20

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MCX’s clearing corporation, MCXCCL, has sharply raised the margins required for trading in crude oil derivatives.
The initial margin has been fixed at Rs 95,000 a lot (100 barrels) for all existing and yet to be launched contracts.
For near-month contracts, an additional Rs 1 lakh a lot will be levied. This will also apply to the short side — call and put sellers — of the near month crude oil options contact.
Additionally, a 50% margin will be levied on other crude futures contracts and on sellers of calls and put options.

Effectively, the near month margin to trade will rise to minimum Rs 1.95 lakh a lot. This used to be Rs 60-70,000 earlier.
Moreover, in case of heightened volatility, if the overnight price falls between 50-75%, 50% of the mark or market fall will be levied as an additional margin. If the MTM fall is between 75-90%, 100% of MTM will be levied and if it is in excess of 90%, 125% will be collected as margin.

IMPORTANT LEVELS FOR 30/04/2020

RESISTANCE 1 – 1220
RESISTANCE 2 – 1248
RESISTANCE 3 – 1278

SUPPORT 1 – 1176
SUPPORT 2 – 1150
SUPPORT 3 – 1123

Thanks!

ProCapitas Market-Pro Team

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