MCX Nickel bullish, Lead positive; US home sales data awaited:-
MUMBAI:- The trend in nickel futures for July delivery on India's Multi Commodity Exchange (MCX) is bullish and fresh buying is expected only above the resistance level of 848.5.
MUMBAI:- The trend in nickel futures for July delivery on India's Multi Commodity Exchange (MCX) is bullish and fresh buying is expected only above the resistance level of 848.5.
“For intra-day, resistance for the base metal is seen at 848.5 while support is at 840 level. Trading below 840 level may bring selling pressure and correction is expected till 830 level,” said Melbin Noble, Research Analyst at Commodity Online.
“Traders may take short position below 840 with the stop loss of 848.5 for the target of 830,” he added.
MCX nickel for July delivery was seen trading up by 0.27% at Rs.841.30 per kilogram as of 05.31 PM IST on Monday.
US data on Existing Home Sales is scheduled to be released at 07.30 PM IST today and is expected to be positive for base metals.
MCX Lead
MCX lead for July delivery is positive and the commodity is expected to continue with the trend till the break of 119.6 level.
“For intra-day, support for the commodity is seen at 120.5 and 119.6 levels while resistance is seen at 121.6 and 122.4 levels,” Melbin said.
“Traders are advised to take long position near 120.5 with the stop loss of 119.6 for the target of 121.5,” he pointed.
MCX lead for July delivery was seen trading up by 0.58% at Rs.121.50 per kilogram as of 05.21 PM IST.
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