Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
MCX-Nickel (₹1,036)
The August futures contract of nickel on Multi Commodity Exchange (MCX) bounced sharply by taking the support at the psychological level of ₹1,000 where the 21-day moving average coincides. Notably, the trend remains bullish and the contract has been forming higher peaks and higher troughs since April.
But the price level of ₹1,040 is acting as a hindrance and the contract should breach this level for the bulls to gather fresh momentum. On the other hand, a consolidation can open the door for a correction.
As the trend points upward, the indicators as well are in favour of the bulls at this stage. The moving average convergence divergence indicator on the daily chart is in the bullish region and charting an upward trajectory. The relative strength index is above the midpoint level of 50, giving it a bullish bias.
Because of the above factors, the contract might rally past the resistance at ₹1,040. In that case, it can appreciate to ₹1,075 in the near term. Above that level, it can advance to ₹1,100. But if the contract fails to breach ₹1,040 and comes down, the immediate supports are at ₹1,015 and ₹1,000. A break below ₹1,000 can turn the outlook negative, possibly dragging the contract to ₹965.
On the global front, the price of three-month rolling forward contract of nickel on London Metal Exchange (LME) is in an uptrend since the beginning of April. Consequently, the contract formed a fresh high last week as it crossed above $13,500, indicating the possibility of further extension in the uptrend. The rally can positively impact the contract in MCX.
Trade Strategy:
The strong bounce off the support at ₹1,000 last week indicates a strong bull trend in MCX-Nickel. Also, globally the price of the metal has been on a rise. So, traders can go long in the contract on declines with stop-loss at ₹960.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Only half the Sensex stocks have bettered the index’s return in the last 10,000-point journey
High valuation and stiff competition from larger players are a dampener
Investors with a short-term perspective can buy The New India Assurance Company (NIACL) stock at current ...
₹1490 • HDFC Bank S1S2R1R2COMMENT 1475146015051520 Fresh short positions are recommended with a stiff ...
What makes the new crop of young Indian cricketers such game-changing winners? Over and above their talent, ...
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
‘You ready to go to work?’ Joe Biden had asked Kamala Harris before naming her as his running mate. ‘Oh my ...
Writer Narendra’s latest book, rich with vignettes from Bastar and his native village in Uttar Pradesh, ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor