MCX Lead positive; Nickel bearish till 848 level

MCX Lead positive; Nickel bearish till 848 level

MUMBAI :- Lead futures for July delivery on India's Multi Commodity Exchange (MCX) is positive and traders are advised to take long position for the day, according to our analyst at Commodity Online.

“For intra-day, support for the base metal is seen at 121.25 while resistance at 122.4 level. If the commodity breaks the level of 122.4 then the prices are expected trade till 122.9 and 123.5 levels,” said Melbin Noble, Research Analyst at Commodity Online.

“Intra-day traders may take long position above 122.4 with the stop loss of 121.7 for the target of 123.5,” he noted.

Lead was seen trading marginally up supported by weak Indian Rupee since morning. MCX lead for July delivery was seen trading up by 0.29% at Rs.122.10 per kilogram as of 04.53 PM IST on Tuesday.

MCX Nickel

MCX nickel for July delivery is bearish and traders are advised to take short position for the day.

“For intra-day, resistance for the commodity is seen at 848 and it is expected to trade with a bearish trend till break of the same. Support is seen at 833 and 828 levels,” he added.

“Intra-day traders may take short position near 838 with the stop loss of 848 for the target of 828,” he said.

MCX nickel for July delivery was seen trading up by 0.07% at Rs.837.80 per kilogram as of 04.54 PM .

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