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Nickel Technical Outlook on 25.02.2014

Nickel February contract on mcx inched 0.30 rupee down to settle at 888.80.

Nickel jumped nicely after getting support at 878 and then closed with a bullish hammer. Today price objective for bulls would be 890 any move above that level would bring 895 and any sustained move above 898 would call for a rally towards 907-915 zones. Areas of 915 are very strong resistance and sustained move above those levels would call for a retest to 940-70 and more upside.

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

Recommendation:

·         Today buying nickel on declines around 884-880 with stop loss below 877 for targeting 895-905 and more upside might be appropriate in short term.

·         Selling below 877 with stop loss above 888 for targeting 872-866 and more down side might be appropriate.

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