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Nickel Technical Outlook for short term trader

Nickel March contract on mcx inched 6.20 rupees up to settle at 972.80. Nickel bulls are now getting tired near key resistance of 980-990 zones and overbought reading on stochastic indicator hints a possible profit taking in this counter. Today price objective for bears would be 966 any sustained move below that level would bring some weakness and then retest to 960-950 and more down side can’t be ruled out. Resistance is now seen near 976 and then at 978 any sustained move above these levels would bring more bullishness in this counter and then we will see a rally towards 1000 and more upside.

Nickel trading range for the day is expected among the key support at 955 and resistance at 1020.

Recommendation:

·         Today selling nickel around 963-966 with stop loss above 980 for targeting 955-945 and more down side might be appropriate in intraday and short term.

·         Buying can be taken above 980 with stop loss below 966 for targeting 990-1000-1015 and more upside might be appropriate. 

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