AHMEDABAD (Commodity Online): Nickel August contract has gained momentum by 2.52% on MCX which hits 3- month high 1006.6 due to strong fundamentals and industry demand.
“One can long Nickel near 990 with stop loss of 970 for target of 1050,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Nickel price increase Rs 950 to 1006.6 in last two trading days. 14 days RSI for Nickel is at 72 and it is moving up side since last two days due to buying sentiments.
Nickel future opened at 981 , made low of 981 and made a high of 1006.6 on MCX. Volume till 11.30AM this morning was 11877 lots and open interest was around 11101 lots. Support for Nickel can be seen at 990 and 980. Resistance level can be seen at 1020.
“Fundamentally, Nickel is strong due to strong global cues. One can long position near 950 levels for long term,” said Shah.
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