Thursday, January 13, 2011

Sure Shot Nickel Tips Trial

Short term is bearish as remain below 1135-1150 range.....We may consider support 1100 mark and break and trade below further down side likely start. Finally broken trading range and yesterday made a high 1169... time to long side.. with consider support 1135 target 1200 + .

We mentioned in our newsletter yesterday that some profit booking can not ruled out at higher level. Our clients sold nickel at 1173 and booked profit at 1154. Nickel demand increasing on the back of recovery in the economic situation and it can jump till 1200 in coming days.

On the domestic front, Nickel is trading lower in future trade today in tandem with a weak trend in the base metals pack at the London Metal Exchange (LME). 

At MCX future, Nickel for January contract s trading at Rs 1,162.60, down by 0.34 per cent, Nickel for February contract is trading at Rs 1,173.20, down by 0.13 per cent and Nickel for March is trading at Rs 1,175.60, down by 0.61 per cent. (At 2:47 P.M today).

Japan’s top nickel producer said nickel supply will surpass the demand in this year as new projects are likely to start that will boost the global output, and sluggish demand growth in China after the government tightened monetary policies to curb inflation.

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