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The nickel futures contract on the Multi Commodity Exchange (MCX) has risen sharply in the past week.
The contract has surged over 2 per cent, breaking above a key resistance at around ₹580 a kg. The contract is currently trading at around ₹592.
A resistance level at ₹600 is likely to be tested in the near term. An inability to break above ₹600 can trigger a pull-back move to ₹590 and ₹585.
On the other hand, if the contract manages to break above ₹600, it will increase the likelihood of the contract extending its upmove to ₹625 or even ₹630 thereafter.
High-risk appetite traders with a medium-term perspective can go long at the current levels with a stop-loss at ₹575 for a target ₹620. Revise the stop-loss higher to ₹600 as soon as the contract moves up to ₹605.
The contract will come under renewed pressure only if it falls below ₹580 decisively. The next targets will be ₹575 and ₹570.
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