AHMEDABAD (Commodity Online): MCX Nickel June futures opened in deep red zone today MCX Nickel Jun future prices opened today at Rs 897.6. It is trading in negative territory today at Rs 876 down by 2.32%, against its previous closing of Rs 896.9 per Kilogram
Nickel, the worst LME performer has been sliding downside on weak economic sentiments.Germany's PMI was 45.2, lower than 46.2 expected. Eurozone PMI was 45.1, also lower than 45.9 expected. China's PMI was lower too then expected. US non-farm employments increased by 69,000, much lower than 150,000 expected, while unemployment rate rose from 8.1%, to 8.2%, pushing down LME Nickel prices to close at USD 16,075/mt. All this factor have supplemented the downside slide in Nickel.
According to Bhavik Patel, Analyst at Commodity Online, Technically on daily charts, MCX Nickel has given breakdown below 920 levels. A small bounce back is expected but overall Nickel remains weak and selling on every rise is recommended unless and until it closes above the level of 900.
Intra-day traders advised to Sell MCX Nickel Jun future between levels of Rs. 880-885 with target of Rs.862 and Stop loss of Rs.894, added Bhavik.
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