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Max Commodity has come out with its report on MCX Nickel. According to our research firm, unless the high of Rs 969.30 is crossed, MCX nickel can fall towards the key daily moving averages, ie till Rs 920. At that level, it has formed an inverted hammer, a bearish pattern. Thus, the high of 969.30 becomes a key resistance. The daily momentum indicator triggered a sell signal near the overbought zone.
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Higher arrivals from the new crop and last years carryover stocks market at the auction centers pull down the prices of MCX cardamom during the week. Highest arrivals in the range of 77 mt to 70 mt were reported at major auctions. However, reports of robust export data cushioned the rate some extent. The small MCX cardamom exports up by 218% to 590 tonnes and the value surged by 176% to Rs. 5,819.12 lakh. MCX Cardamom ended the week down 4% at Rs. 845.40 per 1 kg.
Demand for bullion is expected to pick up ahead of upcoming festivals in India such as Dhanteras and Diwali, when gold is traditionally given as a gift.