Nickel yesterday traded with the positive node and settled 0.63% up at 1112.9. Some pressure had been seen from the LME stock also which came up by 192mt, the total stock at LME is now at 131166mt. In yesterday's trading session nickel has touched the low of 1096 after opening at 1108, and finally settled at 1112.9. For today's session market is looking to take support at 1100.6, a break below could see a test of 1088.4 and where as resistance is now likely to be seen at 1120.5, a move above could see prices testing 1128.2. Spread between nickel DEC & JAN contracts yesterday ended at 8.70. Spread yesterday traded in the range of 8.60 - 12.8.

Trading Ideas:

Nickel trading range is 1088.4-1128.2.

Nickel yesterday traded with the positive node and settled 0.63%

Nickel is having resistance at 1120.50 and support at 1100.60 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 8.60-12.80.