Buy MCX Nickel August; target Rs 874: Angel Commodities
Angel Commodities has come out with its special technical report on MCX Nickel. According to the research firm, one can buy MCX Nickel August contract between Rs 852-848 with a stop loss of Rs 837 for target price of Rs 874.
August 08, 2013 / 12:01 IST
Angel's special technical report on MCX Nickel
MCX Nickel August contract after making a low of 795.80 on 17th July 2013 has seen a steady and sharp rally, but exactly breached the Trend line at 847 levels and closed lower. But in the last week of July nickel prices have penetrated the trend line at 847 levels and closed sharply higher.Also in the first week of August prices touched exactly the trend line and bounced back sharply and closed higher Hence as per the Trend line breakout, we expect the nickel prices now to contine the rally towards the expected target price at 878 levels.Support is now seen at 847 levels and then Strong support is observed at 830 levels. Mutliple closing below 830 levels would indicate that the trend line breakout rally has come to and end and thereby new leg down can be expected initially towards the previous low at 818 levels and then finally towards 790 levels.Resistance is now observed at 878-880 levels. Multiple closing above 880 levels would trigger an extended rally initially towards 901 levels and then finally towards the Major Resistance at 934.Trading levels: (CMP-856)
S1-847 R1-878
S2-830 R2-901Recommended Strategy (3-5 Days): Buy MCX Nickel August between Rs 852-848 with a stop loss of Rs 837 for target price of Rs 874.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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