Natural gas futures has been on a downtrend for over a month now. The May contract is now trading at ₹256 (per mmBtu).
While there was some recovery recently, the contract could not surpass the resistance at ₹275 and the price has consistently remained below both 21- and 50-day moving averages since the beginning of April.
The prevailing price action shows a bearish bias and the likelihood for further decline is high. From the current level, the nearest support is at ₹235. A breach of this can open the door for further fall to ₹210-200 range.
On the other hand, if natural gas futures (May) rallies from the current level and surpasses the barrier at ₹275, the outlook can turn positive. Resistance above ₹275 can be spotted at ₹300 and ₹325.
Overall, as it stands, the outlook remains weak. But from a trading perspective, rather than shorting at the current level, traders can achieve a better risk-reward ratio by selling on a potential corrective rally.
Sell natural gas futures (May) at ₹265. Target and stop-loss can be ₹235 and ₹280 respectively.
Published on April 27, 2026
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