CO:Nickel Futures may proceed positive strength for near term
AHMEDABAD (Commodity Online): Nickel futures prices traded on a bullish trend and closed with gain of more than three percent on weekly basis in MCX platform.
MCX traded Nickel futures for December delivery gained by 0.64 percent to 0.80 percent to 957 rupees per kilogram. Support for said contract seen at 930 and resistance looks at 963 rupees.
According to Amrita Mashar, analyst with Commodity online, Strength was seen in the Nickle futures market on Wednesday due to supportive international market sentiments. Momentum stays upbeat as investors and speculators keep their interest to buy Nickel futures above 900 levels.
Overall, Technically Nickel futures looks positive for coming weeks. Till than price will not break 900 rupees, buying momentum will continue in Nickel futures.
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
