The nickel market will likely be in a small deficit in 2011 and 2012, giving a lift to nickel prices but preventing the metal from nearing its record high. Nickel has touched a low of Rs 1064.4 a kg after opening at Rs. 1085.2, and last traded at Rs 1077.9. For today market is looking for the support at 1063.4, a break below could see a test of 1048.9 and where as resistance is now likely to be seen at 1093.4, a move above could see prices testing 1108.9.

Trading Ideas:

Nickel trading range is 1048.9-1108.9.

The nickel market will likely be in a small deficit in 2011 and 2012

Nickel is having resistance at 1093.4 and support at 1063.4 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 7.50 - 9.8.