Nickel December contract on mcx inched 9.90 rupees up to settle at 877.80.
Now 50 days SMA is providing good support to nickel prices and metal nicely jumped after spending 3-4 days near 50 days SMA. Today price objective for bulls would be 880 any sustained move above that level would bring 890-900 on cards. Support is now seen near 862 any sustained move below that level would call for a retest to 855 and then 848 zones. Key support remains at 840.
Trading range for the day is expected among the key support at 830 and resistance at 930.
* Today buying nickel among 877-74 with stop loss below 862 for targeting 900-910 and more upside might be appropriate in short term.
* In other scenario buying nickel above 880 with stop loss below 870 for targeting 900-910 and more upside might be appropriate.
* In alternative scenario selling can be taken below 862 with stop loss above 874 for targeting 854-847 and more down side.
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