MCX Nickel March contract yesterday traded with the negative down by -1.84% down and closed at 1220. The possible interest rate hike from European central bank in April offset concern over the European sovereign debt issue. However, market is still hunted by the Middle East turmoil, oil price and possible slower pace of global economy recovery.
For today's session MCX Nickel March contract is looking to take support at 1194.4, a break below could see a test of 1168.8 and where as resistance is now likely to be seen at 1238.9, a move above could see prices testing 1257.8.
Short term traders can sell MCX Nickel March contract near 1245 with the stop loss of 1208 and can wait for the targets of 1185 and 1140.
Nickel futures trading range is 1168.8-1257.8.