Nickel yesterday ended lower taking weak cues from global markets coupled with profit booking. Squaring-up of positions by traders in view of approaching monthly expiry, also kept some pressure on the metal. Nickel has touched a low of Rs 1012.4 a kg after opening at Rs.1037.1, and last traded at Rs 1014.4.For today market is looking for the support at 1005.5, a break below could see a test of 996.6 and where as resistance is now likely to be seen at 1030.2, a move above could see prices testing 1046.

Trading Ideas:

Nickel trading range is 996.6-1046.

Nickel ended lower taking weak cues from global markets coupled with profit booking

Nickel is having resistance at 1023.80 and support at 1005.50 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 11.00 - 12.9.