Nickel ended weak due to fall in demand at spot markets and a weakening trend in global markets mainly led to a fall in prices. Some pressure had been seen from the LME stock also which came up by 438mt, the total stock at LME is now at 121032mt. Nickel has touched a low of Rs 1033.8 a kg after opening at Rs.1044.9, and last traded at Rs 1042.9.For today market is looking for the support at 1035.2, a break below could see a test of 1027.4 and where as resistance is now likely to be seen at 1049.3, a move above could see prices testing 1055.6.

Trading Ideas:

Nickel trading range is 1027.4-1055.6.

Nickel settled weak due to fall in demand at spot markets

Nickel is having resistance at 1049.3 and support at 1035.2 level.

Spread between nickel SEP & OCT contracts yesterday traded in the range of 7.10 - 8.2.