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Nickel Technically looking bottom out in daily chart

MCX Nickel Jan contract on last Friday well settled at 909.50 up by 18.10 rupees from Thursday closing price. Nickel is now forming a bottoming pattern and very soon a nice recover possible in this commodity. Immediate support is around 890 if sustain below that the next level will be 880-870 on charts. If Stable above 890 will remains bullish for this commodity and sustained move above 912 it may hit 935-950 zones.

Nickel trading range for the day is expected 866 and resistance at 912.

Recommendation:

·         Buying nickel around 895 sl below 880 trgt 935-955 in short term.

·         Buying above 912 sl below 890 trgt 935-955.

·         Selling below 866 sl above 880 trgt 845-830-810. 

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