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Nickel outlook for intraday / shortterm trader.

Nickel January contract on mcx inched 8.20 rupees down to settle at 842.90.

Metal continued moving in bearish fashion and couldnt hold the support placed during day before yesterdays trading session. Today price objective for bulls would be 855 above that a recovery towards 860-870 may take place. Support is now seen near 840 and then at 835 any failure of 840 would bring 836 whereas failure of 835 would trigger more bearishness in this commodity and then retest to 825 and more down side can’t be ruled out.

 

Trading range for the day is expected among the key support at 834 and resistance at 855.

 

Recommendation:

·         Today again selling nickel on jumps around 847-850 with stop loss above 854 for targeting 841-836 and more down side might be appropriate.

·         In alternative scenario selling can be taken below 840 with stop loss above 850 for targeting 832 and more down side.

·         Buying can be taken above 854 with stop loss below 842 for targeting 860-868-878 and more upside might be appropriate.

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