AHMEDABAD (Commodity Online): Nickel March contract has moved down by 0.25% during trading session on MCX. Trading during the day is thin. Nickel price opened at 1015.80 and made low of 1004.20. Total volume for day is 30984 lots and open interest is around 12965 lots.
“Technically, support can be seen at 995 while resistance level is at 1050,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Nickel has increased from 922 to 1050 within last 20 days. 14 days RSI for Nickel is at 64 and it is increasing continuously since last 7 days due to buying support.
“Fundamentally, Nickel is moderate. One can buy Nickel at 1005 with stop loss of 995 for target of 1024,” Said Shah.
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