Rising nickel stocks are a concern and while demand may pick up from current sluggish levels early next year, the market will move into surplus after that as new supply starts to weigh. Nickel has touched a low of Rs 1088 a kg after opening at Rs.1088, and last traded at Rs 1112.3.For today market is looking for the support at 1095.4, a break below could see a test of 1078.5 and where as resistance is now likely to be seen at 1121.8, a move above could see prices testing 1131.3.

Trading Ideas:

Nickel trading range is 1078.5-1131.3.

Rising nickel stocks are a concern and while demand may pick up early next year

Nickel is having resistance at 1121.80 and support at 1095.40 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 9.30 - 16.