Monday, April 18, 2011

MCX Updates- Nickel Likely To Rise

MCX Nickel April contract prices moved below all day moving averages, with great resistance above. The International Nickel Study Group (INSG) said it expects the global nickel market to record a 60,000-tonne surplus this year, compared with a deficit of 30,000 tonnes in 2010.

Today MCX Nickel futures has touched a low of Rs 1166.50 after opened 1168, and last traded at Rs 1170.90.For today market is looking for the support at 1153, a break below could see a test of 1141 and where as resistance is now likely to be seen at 1189, a move above could see prices testing 1198.

MCX Nickel April contract trading range is 1141-1189.

Short term traders can buy MCX Nickel April contract near 1155 with the stop loss of 1129 and can wait for the targets of 1180 and 1195.


Posted By Commodity MCX Tips