nickel intraday

Nickel declined to a two-year low of $17,450 a metric ton and zinc to $1,730 a ton, the weakest since December 2005, as data showed inventories jumped as demand from industry slows. Yesterday the LME nickel stock was 222 against the previous of 264 Nickel has touched a low of Rs 742.6 a kg after opening at Rs .773.1, and last traded at Rs 746.9.For today market is looking for the support at 734.30, a break below could see a test of 721.70 and where as resistance is now likely to be seen at 767.70, a move above could see prices testing 788.50.

Trading Ideas

TRADING RANGE IS 720-780.
HOLD / SELL NICKEL AUG @ 760-765 SL 776 TGT 756-752-745-738-720. MCX
OVERLL NICKLE IS WEAK AND BERISH AND WE LOOK SUPPORT AT 700-680 LEVEL.


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