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Nickel Trading outlook for intra cum short term 15.09.2014

Nickel September contract on MCX settled at 1123.70 up by 6.10 rupees. Today again price objective for bears would be 1118-1110 any move below 1110 would bring more weakness and then 1090-1070 can not be ruled out. Resistance is now seen near 1136 and then at 1148. Any sustained move above 1138 would open the doors for a retest to 1148-1160 zones. Key resistance would remain at 1160 and any sustained move above that level would bring more charm and then rally towards 1190 can’t be ruled out.

Nickel trading range for the day is expected among the key support at 1114 and resistance at 1156.

Recommendation:

·         Today selling nickel on jumps around 1125-1130 with stop loss above 1150 for targeting 1105-1090 and more down side might be appropriate.

·         In alternative scenario selling below 1114 with stop loss above 1125 for targeting 1105-1090 and more down side might be appropriate.

·         In alternative scenario buying above 1156 with stop loss below 1145 for targeting 1170 and more upside might be appropriate. 

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