MCX Nickel March contract closed at 710.90 which is changed by 28 points from yesterday closing price. Yesterday Nickel decline nicely and made low of 709. Today trader should watch the areas of 707; it is crucial level for lower side. If price further stable below 707 then we will see more fall in this commodity. We will get the target of 700-690. After yesterday sharp decline it is an indication that should try to sell on higher side. Price has the potential to taste the level 660 levels in coming days as long as it holds below 745 zones.
Trading range for the day is expected among the key support at 707 and resistance at 734.
Recommendation: Trader should closely watch these levels for trading in intraday. Try to sell on the jump or below the supportive area.
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