Nickel yesterday traded with the positive node and settled 1.79% up at 1095 buoyed by the firm demand at spot markets and strong trend overseas. Some pressure had been seen from the LME stock also which came up by 462mt, the total stock at LME is now at 129678mt. In yesterday's trading session nickel has touched the low of 1077.2 after opening at 1078.6, and finally settled at 1095. For today's session market is looking to take support at 1082.3, a break below could see a test of 1069.7 and where as resistance is now likely to be seen at 1102.5, a move above could see prices testing 1110.1. Spread between nickel NOV & DEC contracts yesterday ended at 9.50. Spread yesterday traded in the range of 9.50 - 11.3.

Trading Ideas:

Nickel trading range is 1069.7-1110.1.

Nickel yesterday settled with the positive node buoyed by the firm demand at spot markets

Nickel is having resistance at 1110.10 and support at 1082.30 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.50 - 11.3.