Market and product
India's nickel looks weak below 900
“One can sell Nickel near 905 with stop loss of 913 for target of 895,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Nickel fell from 916 to 895.4 in last four trading sessions. 14 days RSI for Nickel is at 54 and it is moving down side since last two days due to selling sentiments.
Nickel future opened at 898 and made low of 895.4 on MCX. Volume till 11 AM this morning was 4437 lots and open interest was around 19221 lots. Support for Nickel can be seen at 890 and 880. Resistance level can be seen at 910.
“Fundamentally, Nickel is weak due to global cues. One can make selling position near 950 levels for long term,” said Shah.
(Source: www.commodityonline.com)
