Nickel yesterday traded with the positive node and settled 0.04% up at 785.1. Some support had been seen from the LME stock also which came up by -300mt, the total stock at LME is now at 132528mt. In yesterday's trading session nickel has touched the low of 782.3 after opening at 786, and finally settled at 785.1.

For today's session market is looking to take support at 778.8, a break below could see a test of 772.50 and where as resistance is now likely to be seen at 794.9, a move above could see prices testing 804.70. Spread between Nickel NOV & DEC contracts yesterday ended at 4.5. Spread yesterday traded in the range of 3.80 - 6.

Trading Ideas:

NICKEL TRADING RANGE IS 760-905.

LCH. CLEARNET WHICH CLEARS TRADES FOR THE LME, WILL LOWER INITIAL MARGINS FOR NICKEL

BUY NICKEL NOV @ 778-781 SL 770 TGT 788-794-802. MCX

NICKEL IS GETTING SUPPORT AT 778.20 BELOW THIS NEXT SUP IS AT 774.60-770.80.

SPREAD BETWEEN NICKEL NOV & DEC CONTRACTS ENDED AT 4.50.