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Nickel trading view for intra day and short term trader

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.

Recommendation:

* 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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