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MCX NICK EL OCT Contrac t Technic al Out look & Trading
Strat egy
After the correction from the highs of`1042.70 levels the prices
of nickel were trading in a
broad range between `900--`955 levels. But the strong rally
witnessed during the previous
session of trade has helped the price breakout above the
important resistance levels and thus
close above the broad trading range mentioned above. The rally
was also backed by strong
surge in volumes which clearly depicts buying interest in the
counter. The indicators have also
turned into bullish mode.
We believe that traders can enter into the counter on any dips
towards its near term moving
average support.
We recommend traders to buy on dips `975--`969 levels with a
stop loss placed below `955.10
levels for upside targets of`995 /`1010 levels.
MCX NICKEL
OCT.CONTRAC
OPEN ` 945.1
HIGH ` 1001
LOW ` 945.1
CLOSE ` 997.5
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INVENTORY DATA
LME Warehouse Stocks (Inventory) and Volume24 Oct 2011
METALSInventory Volume
MT +/- MT +/-
Aluminum 4,561,375 -3,600 7,407,675 -1,669,825
Al Alloy 137,340 40 34,640 -17,100
NASAAC 154,220 600 94,060 6,400
Copper 444,275 -3,525 3,959,775 -441,650
Lead 388,275 325 870,275 4,475
Nickel 87,726 906 169,428 -15,078
Tin 16,985 -515 24,705 210
Zinc 788,025 -2,075 2,104,325 -2,155,600
KEY SUPPORT RESISTANCE LEVELS
Commodity Support 1 Support 2 CLOSE-PRICE Resistance 1
Resistance - 2
NCDEX Chana(Nov) 3321 3292 3351 3375 3400
NCDEX Pepper(Nov) 33823 33262 34385 35248 36112
NCDEX Soya Oil(Nov) 614 612 615.80 619 621
NCDEX Jeera(Nov) 14284 14137 14430 14626 14821
NCDEX Guarseed(Nov) 4073 4042 4103 4142 4180
MCX Copper 368 355 381.15 388 395
MCX Nickel 961 925 997.50 1018 1038
MCX Lead 97 94 98.95 100 101
MCX Silver 52688 52298 53077 53556 54034
MCX Gold 26609 26492 26726 26895 27064
MCX Crude 4428 4311 4546 4611 4677
