NICKEL SURGED TO 4-WEEK'S HIGH AT MCX FAVORED BY BARGAIN HUNTING
DATE: 27/04/2012
Nickel after trading in range bound, esteemed to 4-week high by obtaining a single one day gain on Thursday, 26th April. Nickel surged by 2.9% or Rs 27.2 at Rs 952.9 per kg. Bargain hunting with 7% dip in its open interest to 13909 lots helped the metal to end near to its previous highs. The contract traded above 50-day EMA and RSI stood at 56.85.
Shrugging off the renewed European debt concerns with a drop in its economic confidence and the sluggish growth in the US employment, Nickel rose near to last week's high by 3% at $18065 per tonne at LME on Thursday. The Fed constructive statement and the improved rsik appetite in the global equities and euro helped the metal to obtain huge gains in a single day on Thursday.
Nickel is likely to find support at Rs 945 per kg and Rs 938 per kg and resistance at Rs 959 per kg and Rs 968 per kg on Friday, 27th April.
POWERED BY: COMMODITY INSIGHTS
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