Russia has reinstated a 5 percent tariff on nickel exports, waived since February to help top producer Norilsk Nickel and others cope with the economic crisis. Nickel has touched a low of Rs 827.2 a kg after opening at Rs. 834.5, and last traded at Rs 832.5. For today market is looking for the support at 827, a break below could see a test of 821.5 and where as resistance is now likely to be seen at 838.2, a move above could see prices testing 843.9.

Trading Ideas:

NICKEL TRADING RANGE IS 815-845.

RUSSIA HAS REINSTATED A 5 PERCENT TARIFF ON NICKEL EXPORTS

SUPPORT FOR NICKEL IS SEEN AT 827.20 AND RESISTANCE AT 837.40 LEVEL.

SOME PULLBACK CAN BE SEEN IN NICKEL BELOW 830 LEVEL TILL 816-810 LEVEL

SELL NICKEL DEC @ 830-832 SL 840.20 TGT 827.60-824.20-820.80-816.MCX