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Nickel technical Outlook 02.09.2014

Nickel September contract on MCX settled at 1134.40 down by 5.90 rupees.

Nickel continued hovering near key support zones of 1130-1120 and settled nearer the same. Today price objective for bears would be 1120-1119 and any move below 1119 would bring more weakness and then we will see more weakness and then 1104-1090-1075 can not be ruled out. Resistance is now seen near 1145 any sustained move above that level would bring more charm and then commodity will try heading towards 1165 and more upside.

Nickel trading range for the day is expected among the key support at 1119 and resistance at 1148.

Recommendation:

·         Buying Nickel September contract above 1148 with stop loss below 1135 for targeting 1160-1174 and more upside might be appropriate.

·         In alternative scenario selling below 1130 with stop loss above 1142 for targeting 1115-1104 and more down side might be appropriate. 

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