MCX NICKEL TIPS 25 MAY 2012

BARGAIN HUNTING FAVORED NICKEL AT MCX

DATE: 25/05/2012       

Nickel edged up by 0.3% or Rs 2.4 at Rs 945.2 and tested its intraday high of Rs 947.4 per kg and low of Rs 935.2 per kg on Thursday, 24th May. Nickel was trading on edgy note at domestic markets favored by some short covering with 55 drop in its open interest to 13783 lots. The contract traded above 27-day EMA and RSI stood at 61.6. Nickel was still trading in range bound and was finding its next support at Rs 936 per kg an Rs 931.2 per kg and resistance at Rs 111.5 per kg and Rs 111.8 per kg on Friday, 25th May. .

At LME, Nickel erased earlier losses and buoyed by 0.6% at $17000 per tonne on Thursday, 24th May. Indonesia restrictions on its exports of 22 commodities favored the metal shrugging off the woes on Greece and global economic activity

                                                                                                                             

POWERED BY: COMMODITY INSIGHTS

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