Nickel yesterday traded with the negative node and settled -0.41% down at 877.2. Some pressure had been seen from the LME stock also which came up by 414mt, the total stock at LME is now at 158424mt. In yesterday's trading session nickel has touched the low of 873.2 after opening at 881.6, and finally settled at 877.2.

For today's session market is looking to take support at 869.60, a break below could see a test of 862.10 and where as resistance is now likely to be seen at 888.20, a move above could see prices testing 899.30. Spread between Nickel JAN & FEB contracts yesterday ended at 5.40, we have seen yesterday that the nickel market had traded with a negative node and settled -0.41% down. Spread yesterday traded in the range of 4.90 - 5.40.

Trading Ideas:

Nickel trading range is 860-895.

Nickel yesterday pared all its gains on intraday profit booking.

Support for nickel is seen at 873.40 and resistance at 891.40 levels.

Spread between Nickel Dec & Jan contracts ended at 5.40.

SELL NICKEL DEC @ 888-890 SL 896 TGT 884.50-880.20-876.50-872.MCX