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.
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