Nirmal Bang's report on MCX Nickel -
Nickel prices have been continuously taking support around Rs 790 mark and couldn’t close below 800 since last 12-14 weeks on MCX. Prices bounced back last week to 843 and made a highest weekly close after 6 weeks. MACD which has given a positive crossover and difference in histogram also turned positive indicating that the prices are more likely to move further up. We believe nickel prices are more likely to trigger upside to Rs 930-960 levels in the coming weeks. Outlook: We expect the Nickel prices to test Rs 930-960 levels in the short run, Buy Nickel on dips Aug Contract between Rs 840-850 stoploss below Rs 800 on daily closing basis for the target of Rs 930-960. 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.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
