Global demand and prices for stainless steel should rise next year, bolstered by growth in Asia, recovery in mature economies and less destocking by distributors. Nickel has touched a low of Rs 990.1 a kg after opening at Rs.991.1, and last traded at Rs 1024.For today market is looking for the support at 1000.6, a break below could see a test of 977.1 and where as resistance is now likely to be seen at 1037, a move above could see prices testing 1049.9.

Trading Ideas:

Nickel trading range is 977.1-1049.9.

Global demand and prices for stainless steel should rise next year

Nickel is having resistance at 1037 and support at 1012 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 8.90 - 13.7.