AHMEDABAD (Commodity Online): Nickel futures remained negative on MCX for last two trading sessions due to profit booking. Future prices are expected to fall in coming trading sessions on higher inventory as well as selling sentiments.
“Technically, range for Nickel is from 1025 to 1115 and support is at 1041 in short run,” said Anil Patadia, commodity analyst with Commodity Online.
Nickel October contract opened at Rs 1075.4 per kg this morning on MCX, up by Rs.3.4 compare to previous close. During trading session, Nickel remained negative with price moving downside on negative international market.
“Fundamentally, Nickel is good in long-run as demand for steel is increasing globally. Buying Nickel for long term will be beneficial for investors. Non-risky traders can sell near 1065 levels with SL of 1077 for target of 1042,” said Patadia.
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