AHMEDABAD (Commodity Online): Nickel yesterday traded with the positive node and settled 0.57% up at 1067.9 tracking LME nickel prices.
Nickel prices fell to certain extent after initial rallying to weekly higher levels. Meanwhile, the Greek debt talk reported certain progress, LME nickel prices. Greek Premier Papademos announced that Greek leaders accepted all provisions for the bailout plan, excluding only one provision.
Market widely expects that the Greek government will soon reach agreement with private sectors on all provisions. The Greek debt crisis which haunted market for quite a long time finally shed a light, boosting risk appetite in the market.
MCX Nickel futures to trade in range of 1045-1085. Strong support stays at 1045 rupees and resistance looks at 1085 rupees per kilogram. One can buy near 1050 with stoploss of 1041 for target near 1062 in intra day
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