Having recently shipped its first nickel to China, Western Areas NL said that it sees further growth in demand from the country's expanding stainless steel sector. Nickel has touched a low of Rs 997.2 a kg after opening at Rs.998, and last traded at Rs 1010.6.For today market is looking for the support at 1000.6, a break below could see a test of 990.7 and where as resistance is now likely to be seen at 1017.1, a move above could see prices testing 1023.7.

Trading Ideas:

Nickel trading range is 990.7-1023.7.

Western areas sees rising Chinese demand for nickel

Nickel is getting support at 1000.60 and resistance is at 1017.10.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 6.20 - 10.4.