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Nickel Technical outlook 13.11.2014

Nickel November contract on MCX settled at 956 up by 3.40 rupees. Today again resistance would be at 970 any sustained move above that level would bring more charm and then we will see 980-990. Overall this rally has the potential to hit 1014-1017 zones in coming days. Support is now seen near 947 any move below this level would bring 935 and key support would be at 930 any sustained move below this level would offer 915 as down side targets. Key support remains at 898.

Nickel trading range for the day is expected among the key support at 930 and resistance at 970.

Recommendation:

·         Buying on declines around 942-938 with stop loss below 928 for targeting 965-985-1010 and more upside might be appropriate.

·         In alternative scenario buying above 970 with stop loss below 960 for targeting 980-994-1015 and more upside might be appropriate.

·         Selling below 930 with stop loss above 945 for targeting 918-912 and more down side might be appropriate. 

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