CRUDE OIL TECHNICAL UPDATE:
Crude Oil on MCX for the January contract is trading around ₹5,360, down by ₹200, showing a short-term correction after recent upward movement. The immediate support is observed near ₹5,300, with a further key level at ₹5,230, which could act as a strong floor if selling pressure continues. On the upside, resistance is seen around ₹5,430, followed by a higher barrier near ₹5,500. Market sentiment appears cautious, with traders balancing global supply concerns and profit-booking. A break below support may extend the decline, while surpassing resistance could signal a resumption of bullish momentum in the near term.