Nickel market remained in deficit during January to September 2009, with apparent demand exceeding supply by 21,000 tonnes, adding that tin recorded a bigger surplus of 15,400 tonnes in the same period. Nickel has touched a low of Rs 784.4 a kg after opening at Rs. 792, and last traded at Rs 795.1. For today market is looking for the support at 786.6, a break below could see a test of 778.1 and where as resistance is now likely to be seen at 801.4, a move above could see prices testing 807.7.

Trading Ideas:

NICKEL TRADING RANGE IS 770-815.

NICKEL MARKET REMAINED IN DEFICIT DURING JANUARY TO SEPTEMBER 2009

SELL NICKEL NOV @798-802 SL 807 TGT 793.80-789.50-785.MCX

NICKEL IS GETTING SUPPORT AT 792.20 BELOW THIS NEXT SUP IS AT 786.40-782.80.

RESISTANCE FOR NICKEL IS AT 799.80 OVERALL SELLING PRESSURE IS BE SEEN NEAR TO 802-803 LEVEL.

Commodity Analysis by Kedia Commodity, India’s Premium Research House,
Mumbai. Check out more commodity reviews at KediaCommodity. com