Nickel ended down with weakening trend overseas amid reduced offtake by consuming industries. Besides weak global cues, reduced offtake by consuming industries also led to a fall in copper and nickel prices. Nickel has touched a low of Rs 896 a kg after opening at Rs.909.5, and last traded at Rs 901.2.For today market is looking for the support at 894.1, a break below could see a test of 887.1 and where as resistance is now likely to be seen at 910.1, a move above could see prices testing 919.1.

Trading Ideas:

Nickel trading range is 887.1-919.1.

Nickel ended down with weakening trend overseas

Nickel is getting support at 894.10 and resistance is at 910.10

Spread between nickel JUL & AUG contracts yesterday traded in the range of 5.20 - 6.2.

SELL NICKEL JULY @ 905 SL 912 TGT 901-896-890.MCX