Nickel settled positive in tandem with a firming trend overseas. Pickup in demand at the spot markets also supported the upside in nickel price. Nickel has touched a low of Rs 1039.5 a kg after opening at Rs.1039.5, and last traded at Rs 1044.9.For today market is looking for the support at 1040.7, a break below could see a test of 1036.5 and where as resistance is now likely to be seen at 1047.9, a move above could see prices testing 1050.9.

Trading Ideas:

Nickel trading range is 1036.5-1050.9.

Nickel settled positive in tandem with a firming trend overseas

Nickel is having resistance at 1047.9 and support at 1040.7 level.

Spread between nickel SEP & OCT contracts yesterday traded in the range of 7.70 - 10.4.