Nickel yesterday traded with the positive node and settled 0.47% up at 833. Some pressure had been seen from the LME stock also which came down by 168mt, the total stock at LME is now at 158982mt. In yesterday's trading session nickel has touched the low of 829.9 after opening at 830, and finally settled at 833. For today's session market is looking to take support at 830.70, a break below could see a test of 828.50 and where as resistance is now likely to be seen at 834.30, a move above could see prices testing 835.70. Spread between Nickel JAN & FEB contracts yesterday ended at 5.30. Spread yesterday traded in the range of 5.30 - 6.40.

Trading Ideas:

Nickel trading range is 815-850.

Nickel as per expectation ended down still looking weak till 825-820 level.

Support for nickel is seen at 828.80 and resistance at 837.40 level.

Spread between Nickel JAN & FEB contracts ended at 5.30.

SELL NICKEL @ 840-842 SL 848 TGT 836.20-833.50-830-827.60-824.MCX