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 canâ€™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.
Â· 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.
Â· 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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