MCX Nickel Under Short Covering

Technically Nickel market is under short covering as market has witnessed drop in open interest by 3.47% to settled at 15739 while prices up 4.7 rupees.

Now MCX Nickel is getting support at 752.2 and below same could see a test of 741.7 level, And resistance is now likely to be seen at 769.5, a move above could see prices testing 776.3.

Nickel on MCX settled up 0.62% at 762.80 gained on short covering as support seen after inventories at LME warehouses shrank 300 mt to 206,100 mt.

In nickel, a brief rally earlier this week resulted in the metal’s three-month price climbing from its lowest level since December 2017 at $10,630 per tonne on December 31, to its current level above $10,800 per tonne.

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