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Nickel Technical Outlook 07.02.2014

Nickel February contract on mcx inched 4.60 rupees up to settle at 869.20.

Metal couldnt breach key support of 860 during 3rd consecutive day and however it managed to close above the same. Today price objective for bears would be 860 any sustained move below that level would bring 850-840 and more down side. Resistance is now seen near 878 and any sustained move above that level would help it to jump towards 887-895 zones.

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

Recommendation:

  • Today buying nickel on declines around 870-64 with stop loss below 860 for targeting 887-895 and more upside might be appropriate.
  • Selling can be taken below 860 with stop loss above 878 for targeting 847-841 and more down side.
  • Positional buying can be taken among 845-35 with stop loss below 823 for targeting 900-960 and more upside in short term. 

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