Nickel yesterday traded with the positive node and settled 1.38% up at 1272.2 with the support from LME nickel market which had overnight opened at USD 26,600/mt, and closed at USD 27,300/mt, with the highest and lowest level of the day at USD 27,374/mt, and USD 26,600/mt, up USD 600/mt. Supported by steady base metal demand in China and the US, LME base metal market closed higher across the board. LME nickel prices were on an upward track, and closed higher, boosted by a weak US dollar. In yesterday's trading session nickel has touched the low of 1257 after opening at 1257, and finally settled at 1272.2. For today's session market is looking to take support at 1257.9, a break below could see a test of 1243.5 and where as resistance is now likely to be seen at 1285.7, a move above could see a move above could see prices testing 1299.1.

Trading Ideas:

Nickel trading range is 1243.5-1299.1.

Nickel ended higher getting support from LME nickel market

Nickel looks to take support at 1260 and resistance is at 1285 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 4.90 - 11.9.

NICKEL IS DUE FOR CORRECTION A BREAK BELOW 1265 CAN TEST 1238 & BELOW.

YESTERDAY LME STOCK FOR NICKEL CAME UP BY 402