Nickel yesterday traded with the negative node and settled -1.49% down at 1046.6 due to profit booking by speculators tracking weakness in LME prices. Some pressure had been seen from the LME stock also which came down by 264mt, the total stock at LME is now at 124836mt. In yesterday's trading session nickel has touched the low of 1044.6 after opening at 1060.7, and finally settled at 1046.6. For today's session market is looking to take support at 1038.3, a break below could see a test of 1029.9 and where as resistance is now likely to be seen at 1061.3, a move above could see prices testing 1075.9. Spread between nickel OCT & NOV contracts yesterday ended at 10.80. Spread yesterday traded in the range of 10.40 - 11.9.

Trading Ideas:

Nickel trading range is 1029.9-1075.9.

Nickel yesterday ended lower due to profit booking

Nickel is having resistance at 1054.80 and support at 1038.30 level.

Spread between nickel OCT & NOV contracts yesterday ended at 10.80.