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Nickel technical view for intraday traders

Nickel March contract on mcx inched 13 rupee up to settle at 947. Nickel has resistance at 953 any sustained move above that level would bring 960-970 on cards. Support is now seen near 940 any failure below that level would bring 935-930 on cards. Key support is now placed at 925 and any failure below that level would bring 918-910 and more down side.

Nickel trading range for the day is expected among the key support at 927 and resistance at 955.

Recommendation:

·         Today buying nickel on declines around 938 with stop loss below 927 for targeting 970 and more upside might be appropriate in short term.

·         In alternative scenario buying above 953 with stop loss below 942 for targeting 960-970 and more upside might be appropriate in short term.

·         Selling below 927 with stop loss above 936 for targeting 921-916 and more down side might be appropriate. 

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