Minara Resources had returned to normal operating levels after completing scheduled maintenance work on its Murrin Murrin nickel project. The company, which is forecasting 2010 production of between 28,000-30,000 tonnes of nickel, started the maintenance work on Oct. 1. Nickel has touched a low of Rs 1026.2 a kg after opening at Rs. 1027, and last traded at Rs 1037. For today market is looking for the support at 1029.2, a break below could see a test of 1021.3 and where as resistance is now likely to be seen at 1041.9, a move above could see prices testing 1046.7.

Trading Ideas:

Nickel trading range is 1021.3-1046.7.

Australia's Minara says nickel plant back on track

Nickel is having resistance at 1045.70 and support at 1029.20 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.50 - 14.