Vale Sudbury workers reject settlement offer: Striking workers at nickel operations in Ontario, Canada decisively rejected a contract settlement offer from the company, meaning the 8-month work stoppage will continue. Nickel has touched a low of Rs 990.2 a kg after opening at Rs.990.9, and last traded at Rs 992.9.For today market is looking for the support at 990.4, a break below could see a test of 988 and where as resistance is now likely to be seen at 995.1, a move above could see prices testing 997.4.

Trading Ideas:

Nickel trading range is 988-997.4.

Vale Sudbury workers reject settlement offer

Nickel is getting support at 976.20 and resistance is at 998.60.

Spread between nickel MAR & APR contracts traded in the range of -2.10-5.00.

SELL NICKEL MAR BELOW 990 SL 998.50 TGT 984.60-980.20-975.40-972.80.MCX