Nickel faced limited selling pressure as Chinese trader’s stockpiled imported metal helped maintain a floor for nickel prices last year, but rising domestic production and high inventory levels could limit Chinese import demand going forward. Nickel has touched a low of Rs 807.9 a kg after opening at Rs. 808.8, and last traded at Rs 818. For today market is looking for the support at 810.7, a break below could see a test of 803.3 and where as resistance is now likely to be seen at 822.6, a move above could see prices testing 827.1.822.6, a move above could see prices testing 827.1.

Trading Ideas:

Nickel trading range is 803.3-827.1.

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Nickel is getting resistance at 836.20 and support at 800.

SELL NICKEL FEB @ 826-828 SL 834.80 TGT 824.20-820.10-816.40-812. MCX

YESTERDAY LME STOCK FOR NICKEL CAME UP BY 498