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Nickel Trading Outlook 14-07-2014

Nickel July contract on mcx inched 5.60 rupee up to settle at 1153.70. Nickel has settled well near the horizontal support at 1160. Today price objective for bulls would be 1188 and then at 1195 any sustained move above these levels would bring a fresh rally towards 1220-1250 and more upside. Support is now seen near 1143 any failure below this level would bring 1120-1100 and more down side.

Nickel trading range for the day is expected among the key support at 1143 and resistance at 1167.

Recommendation:

·         Today buying nickel above 1167 with stop loss below 1155 for targeting 1175-85 and more upside.

·         Selling below 1143 with stop loss above 1155 for targeting 1133-1125 and more down side might be appropriate. 

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