Nickel yesterday ended higher tracking rise in LME prices. But near-term outlook remains weak due to concerns on pace of global economic recovery. Nickel has touched a low of Rs 999.4 a kg after opening at Rs. 1003, and last traded at Rs 1007. For today market is looking for the support at 1000.1, a break below could see a test of 993.3 and where as resistance is now likely to be seen at 1013.1, a move above could see prices testing 1019.3.

Trading Ideas:

Nickel trading range is 993.3-1019.3.

Nickel yesterday ended higher tracking rise in LME prices

Nickel is getting support at 1000.10 and resistance is at 1013.10.

Spread between nickel AUG & SEP contracts yesterday traded in the range of 2.30 - 7.5.