Russian mining giant Norilsk Nickel reported a 1% rise in first quarter nickel and copper production. Norilsk, which has operations in Russia, Australia, Botswana, Finland, the U.S. and South Africa, said nickel output at its main Polar and Kola units in Russia was 56,900 tons in the first quarter from 55,200 tons in the same period of 2009. Nickel has touched a low of Rs 1120.9 a kg after opening at Rs.1151.8, and last traded at Rs 1131.7.For today market is looking for the support at 1116.5, a break below could see a test of 1101.3 and where as resistance is now likely to be seen at 1151.3, a move above could see prices testing 1170.9.

Trading Ideas:

Nickel trading range is 1101.3-1170.9.

Russian mining giant Norilsk Nickel reported a 1% rise

Nickel is getting support at 1125.80 and resistance is at 1137.60

Spread between nickel APR & MAY contracts yesterday traded in the range of -6.70 - 3.

BUY NICKEL APR @ 1125-1128 SL 1120 TGT 1134-1139.20-1145.MCX