AHMEDABAD (Commodity Online): MCX Nickel Nov contract future prices closed at 979 per kg on Monday down by 17.90 rupees against previous close of 996.9. MCX Nickel Nov contract opened up at 976 this morning and last traded at 977 down by 2.00 rupees.
Support for the MCX Nickel Nov contract is found at 973 and below it could touch 919. While resistance levels are 1022 and 1056.
14 days RSI for Nickel Nov contract is at 34.38 levels and making a lower high on RSI and price chart also, it shows that it may touch 950 and 921 levels on short selling.
According to Tarang parmar, Research analyst with commodity Online, short term traders can sell MCX Nickel Nov contract near 987 with the stop loss of 1022 and can wait for the target of 921. Short Term traders keep use the proper stop loss.
