Commodity Calls

Buy MCX nickel futures with stop loss at ₹1,200

Akhil Nallamuthu BL Research Bureau | Updated on April 08, 2021


The April futures contract of nickel on the Multi Commodity Exchange (MCX), which was fluctuating in a tight price range in March post a deep correction, broke out of the consolidation range last week. The futures contract seems to be realigning with a major uptrend and the likelihood of a rally looks high.


After bottoming out at ₹850 levels in March 2020, the contract established a bullish trend and formed higher highs and higher lows thereby forming a steady rally.

However, in the final week of February this year it witnessed an abrupt change in the direction of the trend after hitting a high of ₹1,461. Subsequently, the price dropped quickly where it marked a low of ₹1,154 in early March.

The contract is currently trading around ₹1,270 levels. Since the major trend is bullish, the recent breakout is likely to lift the price further.

Traders can buy nickel futures on dips with stop-loss at ₹1,200 for a potential target of ₹1,360.

Published on April 08, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.