A tentative agreement to end a year-long strike at Vale's Sudbury, Ontario, mining operations has raised hope that the Brazilian company may soon settle with striking workers at its Voisey's Bay nickel mine on Canada's East Coast. Nickel has touched a low of Rs 883 a kg after opening at Rs. 887.3, and last traded at Rs 894.6. For today market is looking for the support at 883.6, a break below could see a test of 872.6 and where as resistance is now likely to be seen at 905, a move above could see prices testing 915.4.

Trading Ideas:

Nickel trading range is 872.6-915.4.

Vale's Sudbury deal raises hopes for Voisey's Bay

Nickel is getting support at 888.20 and resistance is at 898.60

Spread between nickel JUL & AUG contracts yesterday traded in the range of 3.70 - 5.5.

SELL NICKEL JULY @ 900-904 SL 912 TGT 894.50-889.80-884.MCX