AHMEDABAD (Commodity Online): On Thursday evening, Nickel future dropped for first time at MCX counter after continuous bull rally of more than one week. Yesterday, Nickel dropped again by more than 1.75 % with turnover of 72908 lots and ended at 1026.30.
In morning trades Nickel price remained weak due to selling sentiment in London Metal Exchange and traders stayed away from fresh buying deals.
Today MCX Nickel august contract opened slightly higher at 1037.90, fell by Rs 16 or nearly by 1.60 per cent to Rs 1018.50 per kg at 02:45 pm, as speculators locked-in profits, driven by a weak global trend.
Resistance seems to be at 1025 and 1038. Immediate support looks at 1013. Nickel price is trading below short term exponential moving averages. On daily charts, 14 days RSI is reading at 63 which drop from two days high of 79, according to Amrita Mashar, Analyst with Commodity Online.
Industrial metal prices are trading upbeat on international market today. “I am expecting Nickel price to correct in coming trading session tracking over-bought price moment and stockpiles concern,” Mashar said.
Today’s strategy should be sell near 1024 by keeping stop loss of day’s high, for target at 1018 or even below till 1000.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
