Nickel prices edged higher to Rs 1,039.50 per kg on July 29 as participants increased their long positions. The base metal has been fluctuating between gains and losses amid mixed cues on both macro as well as the fundamental front.
In the futures market, nickel for August delivery touched an intraday high of Rs 1,042.50 and a low of Rs 1,030.20 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 963.60 and a high of Rs 1,043.80.
Nickel futures for August delivery gained Rs 5.5, or 0.53 percent, to Rs 1,039.60 per kg at 18:26 hours on a business turnover of 1,869 lots. The value of August contracts traded so far is Rs 1,335.77 crore.
Jigar Dharamshi, Technical Analyst, Motilal Oswal, said nickel has reversed strongly after touching a low of Rs 805.80 and is trading in a rising channel formation, which signifies strength in medium term prices.
The base metal has short-term support at Rs 964, whereas resistance is seen at Rs 1,070-1,090 levels, he added. Dharamshi advised buying in the range of Rs 1,010-995 for a target of Rs 1,070-1,090.
At 13:14 (GMT), the base metal was up 0.42 percent at $13,752.50 per tonne in futures trade in London.
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