Nickel yesterday traded with the negative node and settled -1.12% down at 1173.3, due to release of mixed home data from the US and also from profit-taking at high prices, but accelerated slipping pace overnight due to negative new home start data from the US. Meanwhile, Fitch announced that high yields of Portugal's government bonds are not in line with fundamentals, twisting prospect of long-term lending costs. European debt crisis still lingered in the market, which will continue to trigger market uncertainties. For today's session market is looking to take support at 1161.4, a break below could see a test of 1149.4 and where as resistance is now likely to be seen at 1193.4, a move above could see prices testing 1213.4.

Trading Ideas:

Nickel trading range is 1149.4-1213.4.

Nickel ended down on profit-taking at higher level

Nickel looks to take support at 1162 and resistance is at 1186 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 7.40 - 9.5.