AHMEDABAD (Commodity Online): Nickel February contract opened lower by Rs 2.80 per 1KG at Rs 937.5 and immediately made low of 931 this morning on MCX. Trading in Nickel during day session was thin with price moving in narrow range.
“Technically, range for Nickel is from 740 to 1025,” said Anil Patadia, Commodity Analyst with Commodity Online.
Nickel has increased by 14.9% approximately since 8th February as demand strengthens. 14 days RSI is at 68.38 and it is likely to increase.
“Fundamentally, Nickel is strong due to increased demand globally. Some bearish movement in Nickel might be seen due to profit booking activity in short term. But over all buying Nickel at bottom for long term will be beneficial for investors,” said Patadia.
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