MCX Nickel Likely To Move In a Range Of 745.9-799.9

Technically Nickel market is getting support at 756.8 and below same could see a test of 745.9 level, And resistance is now likely to be seen at 783.8, a move above could see prices testing 799.9.

Nickel on MCX settled down 3.22% at 767.60 tracking other metals prices which came under pressure in line with broad market weakness in equities, bond yields and increased trade tensions between the United States and China seem to be weighing on sentiment.

The base metals prices have lost the shine they garnered in the aftermath of the positive trade developments seen at this past weekend’s G20 meeting, but most are holding up in or near recent high ground – the exception being copper that has given back all of its post-G20 gains.

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