Nickel this year’s best performer dropped as the dollar strengthened and on concern that China, the biggest consumer, will seek to curb economic growth. Nickel has touched a low of Rs 989.1 a kg after opening at Rs.1039, and last traded at Rs 1024.1.For today market is looking for the support at 994.8, a break below could see a test of 965.5 and where as resistance is now likely to be seen at 1047.7, a move above could see prices testing 1071.3.

Trading Ideas:

Nickel trading range is 968.3-1074.1.

Nickel falls yesterday as per expectation as dollar strengthens

Nickel is getting support at 1018.60 and resistance is at 1030.20

Spread between nickel MAY & JUN contacts yesterday traded in the range of -0.90 - 2.1.

WAIT FOR FRESH ENTRY.