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NIckel short term outlook 13.08.2014

Nickel August contract on mcx inched 8.50 rupees up to settle at 1152.50. We have seen strong resistance in this metal around 1165-72 zones and every time its failing to hold in this zone that indicates weak hands. Today price objective for bulls would be 1165 and then at 1176. Any move above 1165 would bring 1174 on cards whereas recovery above 1176 would bring 1190 and more upside. Support is now seen near 1138 and any failure of this level would bring 1132-27. Key support would remain at 1120 below that 1105-1090 and more down side possible.

Trading range for the day is expected among the key support at 1130 and resistance at 1165.

Recommendation:

  • Today selling nickel on jumps around 1145-1150 with stop loss above 1165 for targeting 1130-1120-1110 and more down side might be appropriate.
  • In alternative scenario selling below 1130 with stop loss above 1140 for targeting 1120-1110-1090 and more down side might be appropriate.
  • In alternative scenario buying above 1165 with stop loss below 1155 for targeting 1175-85-95. 

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