AHMEDABAD (Commodity Online): Nickel price have shows huge gains in the early morning trades on MCX today. The prices were strong last week on buying activity at lower side. This caused an increase in speculative activity in Nickel.
MCX Nickel futures for August contract opened at 996, up 1.06 percent or 10 rupees per kg with total open interest of 9698 and volume of 16254 lots, while resistances for the contract was seen at Rs 1012 and above it may test level of 1022 corresponding support look at 999 and below it may test 990.
Technical revival was predictable in metal prices though a drop from top over last few days, but technically strong side on weekly basis keeps down-trend limited, said to Amrita Mashar, analyst with Commodity Online.
Nickel prices have bounced after a series of fall in the market last week due to gain on lower LME stocks and some buying at lower levels.
Industrial metal prices are trading higher on international market today. “I am expecting Nickel to extend its upward rally tracking strong overseas leads and a string rupee,” she said.
Traders' strategy should be for the day to buy Nickel on bottom levels near around 996. Intraday traders can book profit in narrow range. Else Longs will get chance to clear their position around 1020-30 in near term.
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