Nickel market has strong outlook for next couple of months at least, with support set to come from lack of LME stock in U.S., lack of industry-preferred nickel pellets, cathodes. Nearly 90% of LME stock is in nickel plates, which need to be cut prior to going into steel furnace. Nickel has touched a low of Rs 1023.4 a kg after opening at Rs.1024.6, and last traded at Rs 1025.5.For today market is looking for the support at 1023.9, a break below could see a test of 1022.4 and where as resistance is now likely to be seen at 1026.5, a move above could see prices testing 1027.6.

Trading Ideas:

Nickel trading range is 1022.4-1027.6.

Nickel outlook improves on supply and stock issues

Nickel is getting support at 1020.20 and resistance is at 1030.80.

Spread between nickel MAR & APR contracts ended at 2.60.

SELL NICKEL MAR @ 1022 SL 1029 TGT 1016-1012-1006.MCX