Nickel yesterday traded with the negative node and settled -1.58% down at 879.8. Some pressure had been seen from the LME stock also which came down by 1038mt, the total stock at LME is now at 153936mt. In yesterday's trading session nickel has touched the low of 876 after opening at 890.6, and finally settled at 879.8.

For today's session market is looking to take support at 868.90, a break below could see a test of 858.10 and where as resistance is now likely to be seen at 897.60, a move above could see prices testing 915.50. Spread between Nickel DEC & JAN contracts yesterday ended at 8.70. Spread yesterday traded in the range of 7.00 - 10.4.

Trading Ideas:

Nickel trading range is 860-895.

Nickel yesterday ended down on profit booking ahead of holidays

Support for nickel is seen at 885.60 and resistance at 884.40 level.

Spread between Nickel Dec & Jan contracts yesterday ended at 8.70

BUY NICKEL JAN ABV 890 SL 882 TGT 894.50-898.80-902.50-905. MCX