Nickel yesterday traded with the negative node and settled -0.1% down at 861.5. Some pressure had been seen from the LME stock also which came down by 330mt, the total stock at LME is now at 166356mt. In yesterday's trading session nickel has touched the low of 860.1 after opening at 860.1, and finally settled at 861.5.

For today's session market is looking to take support at 859.8, a break below could see a test of 858.2 and where as resistance is now likely to be seen at 863.4, a move above could see prices testing 865.4.

Trading Ideas:

Nickel trading range is 858.2-865.4.

Nickel yesterday traded with the negative node and settled -0.1% down at 861.5.

Imported nickel in Shanghai market were between 200-300mt, with supply still considered tight in the market.

Nickels prices are likely to get support at 834 level and resistance is at 874 level.

BUY NICKEL FEB @ 845-848 SL 838.60 TGT 852.50-858.90-564.MCX

YESTERDAY LME STOCK FOR NICKEL CAME UP BY 330.