Nickel yesterday traded with the positive node and settled 0.62% up at 951.1. Some support had been seen from the LME stock also which came down by 276mt, the total stock at LME is now at 163542mt. In yesterday's trading session nickel has touched the low of 947 after opening at 947, and finally settled at 951.1.

For today's session market is looking to take support at 948.1, a break below could see a test of 945 and where as resistance is now likely to be seen at 953.1, a move above could see prices testing 955. Spread between nickel FEB & MAR contacts yesterday ended at 1.80, we have seen yesterday that the nickel market had traded with a positive node and settled 0.62% up. Spread yesterday traded in the range of 1.80 - 6.9.

Trading Ideas:

Nickel trading range is 945-955.

Global nickel demand seen rising by around 7pct in 2010

Nickel is getting support at 937.60 and resistance is at 955.80.

Nickel FEB & MAR spread traded in the range of 1.80 - 6.9

BUY NICKEL FEB @ 940-945 SL 934.20 TGT 949.50-956-962-968.MCX