AHMEDABAD (Commodity Online): Nickel Aug contract has moved up by 1.36% on MCX which is 3- month high due to strong fundamentals and industry demand.
“One can long Nickel near 1020with stop loss of 1010 for target of 1050,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Nickel price increase Rs. 993 to1048 in last five trading days. 14 days RSI for Nickel is at 77.2 and it is moving up side since last two days due to buying sentiments.
Nickel future opened at 1023.1 , made low of 1021.8 and made a high of 1048 on MCX. Volume till 3.06PM this morning was 30433 lots and open interest was around 14087 lots. Support for Nickel can be seen at 1020and 1000. Resistance level can be seen at 1050.
“Fundamentally, Nickel is strong due to strong global cues. One can long position near 1000 levels for long term,” said Shah.
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