NICKEL STILL LURKS BELOW MAJOR LAST WEEK LOWS
Nickel that breached the major support level at Rs 965 per kg during the last week was teetering between losses and gains below the level from past three consecutive days. Nickel lost by 0.6% or Rs 6.3 at Rs 953.5 per kg on Wednesday, 21st March with its intraday high at Rs 963 per kg and low at Rs 953.5 per kg. Even short selling with 0.3% rise in its open interest to 23,414 lots and volume traded stood at 33,967 lots compared to 39,587 lots traded last day laso weighed down the prices. Depreciation in rupee curbed huge losses in the metal. The contract traded below 9-day EMA and RSI stood at 38.4.
Nickel ended tad higher at LME by 0.6% at $18,935 per tonne on Wednesday as the huge short selling during the led the metal to recover few loses but the disappointing home sales data fronm US and Fed comments that euro zone debt crisis is not yet resolved completely curbed huge gains in the metal and led the metal to remain near to its lows.
Nickel is likely to find support at Rs 943 per kg and Rs 932 per kg and resistance at Rs 963 per kg and Rs 978 per kg on Thursday, 22nd March.
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