AHMEDABAD (Commodity Online): On Monday, MCX Nickel July futures opened at 918.50 Rs per kilogram almost flat compared to previous week close of 917.50. MCX Nickel found in very tight range from 930-948 from last few days. Nickel future stays range bound ahead of lack of direction this metal. Low participation from traders put Nickel prices in range bound mode.
Nickel July delivery contract slips by 0.15 percent to 914.50 Rs per kilogram some selling pressure near Rs 920 tested an intra-day high at Rs 921.90 and low at Rs 914.5. The open interest rise by 4.10% to 1046 lots with its daily RSI at 46.
According to Amrita Mashar, Senior Analyst with Commodity Online, Sell on rise recommended in this metal as price fails to sustain above 950 from last few week. I am expecting downside movement in Nickel future may continue its bearish trend on any further development in European debt crisis. Nickel July contract finds next support at Rs 896 and Resistance at Rs 932
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