The world nickel market was in a 51,000-metric-ton deficit between January and July, the World Bureau of Metal Statistics said. Nickel has touched a low of Rs 1062.7 a kg after opening at Rs. 1077, and last traded at Rs 1069.6. For today market is looking for the support at 1061.7, a break below could see a test of 1053.8 and where as resistance is now likely to be seen at 1078.5, a move above could see prices testing 1087.4.

Trading Ideas:

Nickel trading range is 1053.8-1087.4.

World nickel market was in 51,000-metric-ton deficit between January and July - WBMS

Nickel is getting support at 1061.70 and resistance is at 1078.50.

Yesterday we have seen opn interest fell by 1040 and volume by 8081 lots