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Nickel Short term view

Nickel April contract on mcx inched 4.20 rupees up to settle at 1083.30. Metal headed an intraday high of 1090.50 but could not break above main resistance of 1093 and settled just nearer the upper band of short term trading range. Today price objective for bulls would be 1093 any sustained move above that level would bring 1105-1120 and more upside. Support is now seen near 1070 any sustained move below that level would bring 1060-1050 and more down side.

Nickel trading range for the day is expected among the key support at 960 and resistance at 1105.

Recommendation:

·         buying nickel above 1093 with stop loss below 1075 for targeting 1105-1120 and more upside might be appropriate.

·         Selling below 1071 with stop loss above 1084 for targeting 1060-1050 and more down side. 

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