Nickel yesterday traded with the positive node and settled 0.08% up at 1019 recovering all of its losses buoyed by spot demand in domestic markets and a strong trend overseas. Some pressure had been seen from the LME stock also which came up by 66mt, the total stock at LME is now at 130422mt. In yesterday's trading session nickel has touched the low of 997.1 after opening at 1026.5, and finally settled at 1019. For today's session market is looking to take support at 1000.4, a break below could see a test of 981.8 and where as resistance is now likely to be seen at 1034.3, a move above could see prices testing 1049.6. Spread between nickel NOV & DEC contracts yesterday ended at 9.60. Spread yesterday traded in the range of 9.60 - 13.5.

Trading Ideas:

Nickel trading range is 981.8-1049.6.

Nickel ended flat recovering all of its losses buoyed by spot demand in domestic

Nickel is having resistance at 1028.20 and support at 1010.40 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 9.60 - 13.5