MCX Nickel Under Short Covering; Resistance Seen At 771.4

Technically Nickel market is under short covering as market has witnessed drop in open interest by 26.05% to settled at 9489.

Now MCX Nickel is getting support at 754 and below same could see a test of 743.6 level, And resistance is now likely to be seen at 771.4, a move above could see prices testing 778.4.

Nickel on MCX settled up 0.69% at 764.30 rebounding, partly due to oversold conditions also support seen as LME Nickel climbed 2.4 per cent to close at $US11,055 a tonne as investors bought riskier assets on speculation US interest rates may be near a peak, but trade was thin ahead of Chinese economic data and the G20 summit.

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