The global nickel market was in a surplus of 23,000 metric tons between January and February of this year, the World Bureau of Metal Statistics said Wednesday. Nickel has touched a low of Rs 1192 a kg after opening at Rs.1206.1, and last traded at Rs 1203.For today market is looking for the support at 1190.1, a break below could see a test of 1177.2 and where as resistance is now likely to be seen at 1217.8, a move above could see prices testing 1232.6.

Trading Ideas:

Nickel trading range is 1177.2-1232.6.

Global Nickel Market In 23,000-Ton Surplus Jan-Feb

Nickel is getting support at 1196.80 and resistance is at 1209.60

Spread between nickel APR & MAY contracts yesterday traded in the range of 0.30 - 2.5.

WAIT FOR FRSH ENTRY RANGE IS 1190-1220. BELOW 1190 TGT 1165 LEVEL.

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -1158