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Nickel short term outlook for traders

Nickel April contract on mcx inched 4.29 rupees up to settle at 1087.60. Metal has resistance at 1093 above that it will try heading towards 1105-1120 zones. Stability below 1093 keeps this metal in neutral to bearish mode and we may see a deep towards 1070-1060 zones if metal fails to hold 1072 zones in today’s session.

Trading range for the day is expected among the key support at 960 and resistance at 1120.

Recommendation:

·         Today 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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