Nickel May contract on mcx inched 6.90 rupee down to settle at 1101.20. Metal continued hovering near 10 days SMA that stands near 1098. Today price objective for bears would be 1096 and then at 1092 any sustained move below 1092 would bring more weakness and then we may see 1082-1074 on cards. Resistance is now seen near 1114 any sustained move above that level would bring some charm back and then we may see attempts towards 1120-1130 zones. Key resistance would remain at 1133 and any sustained move above that level would bring 1150 and more.
Nickel trading range for the day is expected among the key support at 1070 and resistance at 1120.
Â· Buying can be taken above 1114 with stop loss below 1100 for targeting 1120-1130 and more upside.
Â· Today Selling Nickel May contract below 1096 with stop loss above 1107 for targeting 1083-1074 and more down side might be appropriate.
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