MCX Nickel looks support at 774.70

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Panoramic Resources Ltd. Thursday said it produced a record 18,750 metric tons of nickel contained in concentrate during the 2008-09 financial year, a 26% rise on the previous year.

Output for 2009-10 is again expected in the 18,000 to 19,000-ton range, as part of a 10-year plan to increase output to at least 20,000 tons. Nickel has touched a low of Rs 768.7 a kg after opening at Rs .776, and last traded at Rs 790.9.

For today market is looking for the support at 774.70, a break below could see a test of 758.60 and where as resistance is now likely to be seen at 800.90, a move above could see prices testing 811.00.

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Trading Ideas:
Nickel trading range is 760-825.
Panoramic produces record 18,750 tons nickel 2008-09 up by 26%.
Now nickel look to take the sup of 782 below this look still 772-760 level.
Sell nickel July below 788 SL 792.8 TGT 785.60-782.20-779.50-776.
Buy nickel July at 770-773 SL 768.50 TGT 776.20-779-781.50-784.

Courtesy: Kedia Commodities