Nickel yesterday traded with the positive node and settled 1.05% up at 830.1 this was the only counter traded in the positive zone through the day. Nickel was getting the support from the news that Vale SA, the world’s biggest iron- ore producer, said it will “struggle” to meet demand for the steelmaking raw material this year as China’s economy expands. In the Shanghai nickel market, there were almost no offers in the market and few imported nickels from Russia but volumes declined as trading sentiment will continue to be sluggish in the following two days in shanghai. For today's session market is looking to take support at 816.7, a break below could see a test of 803.3 and where as resistance is now likely to be seen at 844.2, a move above could see prices testing 858.3.

Trading Ideas:

Nickel trading range is 826.8-845.6.

Nickel jumped from the demand for the steelmaking raw material this year as China’s economy expands.

Volumes declined as trading sentiment will continue to be sluggish in the following two days in shanghai.

Nickels prices are likely to get support at 800 level and resistance is at 843 level.

BUY NICKEL FEB @ 830-832 SL 824.80 TGT 836.50-840.20-846.MCX

YESTERDAY LME STOCK FOR NICKEL CAME DOWN BY -288