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Nickel Technical Outlook 10.06.2014

Nickel June contract on mcx inched 9.40 rupees up to settle at 1120.50. Nickel jumped from 1101 zones and could not breach key support of 1090. Today key support would be 1100 and then at 1090 any sustained move below 1090 would bring 1070 and more down side. Resistance is now seen near 1130 any sustained move above that level would bring 1140 and more upside.

Nickel trading range for the day is expected among the key support at 1100 and resistance at 1133.

Recommendation:

·         Buying nickel above 1133 with stop loss below 1118 for targeting 1140-1150 and more upside might be appropriate.

 

·         Selling below 1100 with stop loss above 1120 for targeting 1090-1070 and more down side might be appropriate. 

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