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Nickel outlook for intraday /short term traders

Nickel January contract on mcx inched 17.20 rupees up to settle at 912.20.

Nickel settled above key resistance of 900 for the 1st time after November 2013. Today price objective for bulls would be 913 any sustained move above that level would bring more charm in this commodity and then rally towards 920 and more upside may take place. Support is now seen near 888 and then at 880 any sustained move below 888 would bring a retest to 881 zones whereas failure of 881 would trigger more weakness in this commodity.

Trading range for the day is expected among the key support at 830 and resistance at 930.

Recommendation:

  • Today again buying nickel on declines around 904-902 with stop loss below 888 for targeting 920-940 and more upside might be appropriate in short term.
  • In alternative scenario buying above 913 with stop loss below 904 for targeting 920 and more upside might be appropriate in short term. 

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