MwanaAfrica stated that due to the revival of global nickel price and the domestic favorable operation surrounding, Bindura Nickel Company will resume operation. Due to the slump of nickel price during the global economic crisis, BNC entered the overhaul stage in November 2008. Because of the sharply falling demand, at the end of 2008, the nickel price plunged by above 80%. Nickel has touched a low of Rs 820.6 a kg after opening at Rs.835, and last traded at Rs 832.8.For today market is looking for the support at 822.10, a break below could see a test of 811.40 and where as resistance is now likely to be seen at 841.90, a move above could see prices testing 851.00.

Trading Ideas:

Nickel trading range is 815-850.

Africa's nickel-smelter BNC to resume operation

Nickel is getting resistance at 837.20 and support at 828.10.

Spread between nickel JAN & FEB traded in the range of 4.60-6.10.

BUY NICKEL JAN @ 825-828 SL 820 TGT 834-838-842.50.MCX