The Indonesian unit of Rio Tinto PLC has been granted a mining permit for its planned $2 billion nickel project on Sulawesi island, the company said Tuesday, making it the first mining company to gain investment approval under Indonesia's new mining law. Nickel has touched a low of Rs 1010.3 a kg after opening at Rs.1030.8, and last traded at Rs 1024.For today market is looking for the support at 1005.3, a break below could see a test of 986.6 and where as resistance is now likely to be seen at 1047.7, a move above could see prices testing 1047.7, a move above could see prices testing 1071.4.Trading Ideas:

Nickel trading range is 986.6-1071.4.

Nickel ended down on profit-taking triggered by news of progress in talks to end strike at Vale's mines

Nickel is getting support at 1018.20 and resistance is at 1029.80.

The Indonesian unit of Rio Tinto PLC has been granted a mining permit

BUY NICKEL MAR @ 1015-1020 SL 1006 TGT 1028-1036-1048.MCX