Nickel yesterday traded with the positive node and settled 1.31% up at 1201.1. LME nickel prices opened at USD 26,640/mt last Friday, and closed at USD 27,000/mt, with highest price at USD 27,005/mt and lowest price at USD 25,801/mt. The dollar index weighed to fall after advancing above 81, indicating that investors gradually step out of initial panic sentiment and paid attention to the development of financial fraud by Goldman Sachs Group, although fraud incident still exert impact on the market. LME metal prices rebounded slightly last night after a quick decline, showing that the confidence in economic recovery outweighed risks in financial system. For today's session market is looking to take support at 1165.7, a break below could see a test of 1130.4 and where as resistance is now likely to be seen at 1220.7, a move above could see prices testing 1240.4.

Trading Ideas:

Nickel trading range is 1130.4-1240.4.

LME metal prices rebounded slightly last night after a quick decline

LME nickel prices will fluctuate on upward track, with prices moving between USD 26,500-27,200/mt.

Nickel is getting support at 1194.60 and resistance is at 1206.80

BUY NICKEL APR @ 1190-1195 SL 1180 TGT 1204-1212-1224.MCX