Vale SA workers are set to extend a strike at a nickel mine in Canada after a five-month walkout that took about 10 percent of world supplies off the market and pushed up prices.

Nickel has touched a low of Rs 745.2 a kg after opening at Rs. 755, and last traded at Rs 759.3. For today market is looking for the support at 748.5, a break below could see a test of 737.7 and where as resistance is now likely to be seen at 766.8, a move above could see prices testing 774.3.

Trading Ideas:

NICKEL TRADING RANGE IS 740-780.

VALE NICKEL MINERS DON’T SEE STRIKE ENDING SOON

SELL NICKEL DEC @ 760-763 SL 769 TGT 756.50-752.20-748.50.MCX

SPREAD BETWEEN NICKEL DEC & JAN CONTRACTS YESTERDAY ENDED AT 4.30.

RESISTANCE FOR NICKEL IS AT 764.60 AND SUPPORT IS AT 755.20.