NICKEL PLUNGED TO ITS 2-WEEK LOWS AT LME
Date: 20/3/2012
Nickel edged down at MCX by 0.2% or Rs 1.4 at Rs 954.6 per kg on Monday, 19th March with its intraday high at Rs 957.9 per kg and low at Rs 944.5 per kg. Nick el ended tad lower and stood just below 9-day EMA with its RSI near to over sold region at 37.6. Short selling was seen in Nickel with 3% rise in its open interest to 49,856 lots and volume traded stood at 12,464 lots compared to 12,361 lots traded last day. Depreciation in rupee curbed huge losses in the metal. Any slew of constructive US economic data or signals of global economic might help the metal to rise to the next resistance at Rs 965 per kg and Rs 978 per kg and support at Rs 943 per kg and Rs 932 per kg on Tuesday, 20th March. www.goldennifty.com
Nickel was the worst performer among base metals at LME plunged by 2.2% at $18,845 per tonne on Monday as the disappointing US Housing market index data coupled with lack of global economic cues led the metal to further slump to its 2-week low. www.goldennifty.com
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