COM: Nickel strengthens in Indian commodity bourse, buying recommended
AHMEDABAD (Commodity Online): Nickel futures got firm on MCX today. Since last five trading sessions, February futures gained from 1188 to 1271 due to strong buying. Future prices are expected to gain further on buying sentiments in metal section in coming trading sessions.
“Technically, range for Nickel is from 1205 to 1530 and support for is at 1228 in short run,” said Anil Patadia, Commodity Analyst with Commodity Online.
Nickel February contract opened at Rs 1257 per Kg this morning on MCX, up by Rs 2.4 compare to previous close. During trading session, Nickel remains positive with price moving upside on positive international market.
“Fundamentally, Nickel is good in long run as demand is increasing globally. Buying Nickel for long term will be beneficial for investors. Non risky traders can buy it near 1240 levels with SL of 1224 for target of 1340,” said Patadia.
