Ahmedabad (Commodity Online) : Base metals packs faced too much of pressure during the closing session yesterday, that impacted MCX Nickel too and it close at Rs. 1061.8.
Currently, Nickel is traveling around Rs. 1060 and it seems that market will remain range bound unless and until any positive or negative outcome emerges from the report of Unemployment Claims which is going to get released today at 7:00PM (IST).
Meanwhile, MCX Nickel may face resistance near Rs. 1067 and if market-tone remained negative it is hard for it to cross the level of Rs. 1070 as per daily charts. Yesterday the selling of the metal came with a huge volume which may get refleted today evening as the expected data of Unemployment is negative for the base metals.
As far as overall trend is concerned the market will remain positive but for the time being (say for coming 1-2 sessions), pressure may build up as the market is overbought and technically, it is not looking too much prospective.
Unless any positive news comes from the Europe or US market will remain in pressure, traders are advised to square up there buying position near the resistance level and may enter in selling with ultimate stop loss of Rs. 1071 with the target of Rs. 1047-1040.
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