Nickel extended gains to fourth session, up 2.68% at five-month high of Rs. 1,103.70/kg on euro rebound and chart-based buying. Nickel has touched a low of Rs 1068.3 a kg after opening at Rs. 1074.9, and last traded at Rs 1103.7. For today market is looking for the support at 1079.5, a break below could see a test of 1055.3 and where as resistance is now likely to be seen at 1116.7, a move above could see prices testing 1129.7.

Trading Ideas:

Nickel trading range is 1055.3-1129.7.

Nickel ended higher on euro rebound and chart-based buying

Nickel is having resistance at 1116.7 and support at 1079.5 level.

Yesterday we have seen open interest rose by 570 and volume by 9635 lots