EquityPandit’s Outlook for Nickel for the week(April 08, 2019 – April 12, 2019):
Sideways movement has been seen in Nickel MCX, No major buying or selling attraction has been seen. Technically on the daily charts we see minor support on the downside for Nickel Mcx Future lies in zone of 880- 885 levels, whereas minor resistance on the upside is capped around 925-930 levels.
If Nickel Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Nickel Mcx Future can head towards major support on lower side around 870- 875 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Nickel Mcx Future can head towards higher levels around 950- 960
Currently Nickel Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish.
EquityPandit’s analyst predicts range for the week is seen from 950- 960 on upside and 870- 875 on downside.