EquityPandit’s Outlook for Nickel for the week (March 27, 2017 – March 31, 2017) :

NICKEL:

NICKEL (671.90) closed the week on a negative note losing around 4.10%.

As we have mentioned last week that Minor support for the commodity lies in the zone of 660 to 665. Support for the commodity lies in the zone of 635 to 640 where the commodity has formed a bottom in the month of January-2017. If the commodity manages to close below these levels then the commodity can witness a free fall to the levels of around 600. During the week the commodity manages to hit a low of 641 and close the week around the levels of 644.

Support for the commodity lies in the zone of 635 to 640 where the commodity has formed a bottom in the month of January-2017. If the commodity manages to close below these levels then the commodity can witness a free fall to the levels of around 600.

Resistance for the commodity lies in the zone of 655 to 657 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 675 to 680 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 610 – 620 on downside & 670 – 680 on upside.