Commodity Online reported that Nickel futures for August delivery on India's Multi Commodity Exchange is expected to trade with a negative bias till break of 948 level, according to our analyst at Commodity Online.
Mr Melbin Noble, Research Analyst at Commodity Online said that “For intra day, resistance for the commodity is seen at 948 while support is seen at 920 level. Traders may take short position around 936 with the stop loss of 948 for the target of 922.”
MCX nickel futures for August delivery was seen trading down by 0.21% at INR 921 per kilogram as of 06.24 PM IST on Friday.
As of now, MCX lead futures for August delivery looks sideways to negative.
He said that “Intra day support for the commodity is seen at 140.5 and 139.85 levels while resistance is seen at 142.5. Traders are advised to take short position around 141.5 with the stop loss of 142.5 for the target of 139.85.”
MCX lead for August delivery was seen trading down by 0.18% at INR 140.50 per kilogram as of 06.29 PM IST on Friday.
The United States Census Bureau is expected to release its index on new home sales at 07.30 PM IST while European Commission is expected to release its index on Eurozone consumer confidence. The base metal traders may get clues for their trading from the data released
