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Nickel Technical Outlook 16.05.2014

Nickel May contract on mcx inched 70.80 rupees down to settle at 1107.90.

Today support would be 1100 any sustained move below that level would bring 1060 and more down side. Resistance is now seen near 1142 any sustained move above that level would bring some charm and then we may see 1160-1180 and more upside.

Nickel trading range for the day is expected among the key support at 1080 and resistance at 1180.

Recommendation:

·         Today again selling below 1100 with stop loss above 1120 for targeting 1060 and more down side might be appropriate.

·         Buying can be taken above 1142 with stop loss below 1110 for targeting 1170-1200 and more upside. 

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