Commodity Report

NICKEL FUTURES TRADED UP ON GLOBAL INDICATION, RISE IN SPOT DEMAND

Nickel prices traded higher on March 12 as speculators raised their bets amid a firming trend overseas and spot demand. Apart from increased domestic demand from alloy-makers, firmness in base metals overseas influenced nickel prices at futures trade

TECHNICAL OVERVIEW

After a upside trend now Nickel MCX March Futures has break the trend line and sustaining below it also it has break the support level of 900.00. So it is looking bearish on charts, if it breaks the level of 895.00 and sustains below it then it can test the levels of 875.00 & 861.00. On the upside if it breaks the level of 920.00 then it can test 935 & 949.00