MCX Nickel Updates

The consolidation phase of nickel is still intact but a negative bias is favoring down to the level of 1043. On the downside 1033-1028 will act as crucial levels. Below the same Nickel may face some major sell off. Resistance zone for Nickel is seen near 1062-1068. Above 1068 Nickel is looking healthy for fresh buying.

Traders are advised to buy Nickel July Contract only above 1062.

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MCX Nickel Updates for today evening

Nickel prices have shown a little looses in the early morning trades on MCX. Nickel prices were weak in earlier trade on lower activity on account of closing of US market. On Tuesday, MCX Nickel future April delivery dropped by 0.89 percent to 1154.30 rupees per Kilogram. Due to highly volatile price movement, it enclosed for increase in speculative activities in base metal pack.

Nickel prices have bounce back from 1154 rupees due to some bottom fishing activity in international market. Investors show some confidence to buy this metal at cheaper rate.

For ongoing week, Nickel prices may trade between thin ranges of 1140-1190 rupees. Nickel futures have found tough in ensuring a steady momentum in market ahead of near expiry in base metal complex at MCX.

Prices may remain under pressure in near term due to uncertain demand and supply outlook,

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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.

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MCX Nickel Updates- MCX Nickel likley to trade Negative

MCX Nickel April contract yesterday traded with the negative node and settled down at 1139.40 in line with weakening trend overseas. Some pressure had been seen from the LME stock also which came up by 420mt, the total stock at LME is now at 124506mt.

In Today's trading session Nickel has touched the low of 1122.50 after opened at 1138.10, for today's session market is looking to take support at 1123, a break below could see a test of 1110 and where as resistance is now likely to be seen at 1153.2, a move above could see prices testing 1155.8.

Nickel futures trading range is 1110-1168.5.

Short term traders can sell MCX Nickel April Contract near 1135 with the stop loss of 1170 and can wait for the targets of 1105 and 1090.

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