MCX Nickel January contract has been on continues buying mode since last three trading sessions. Buying continued in Nickel at 1175-1180 levels. Nickel prices remained above 13 days exponential moving averages.
Nickel future prices are likely to test 1240 levels within next few trading days if it sustains above 1200 and gives closing above 1206.
MCX Nickel January contract opened at 1199 per Kg against previous close of 1196.60. It made an intraday high of 1207.80 and last traded at 1196.50. Nickel support is seen near 1170.
Short term traders can buy MCX Nickel January contract if it crosses 1206 for target of 1240 with stop loss of 1170, according to Sawan Parmar, Analyst with Commodity Online.