On LME nickel market opened at USD 24,850/mt and closed at USD 25,000/mt overnight, up by USD 50/mt from a day earlier, with the highest price at USD 25,300/mt and the lowest price at USD 24,800/mt. Support from higher stock markets and increasingly positive demand prospects was offset by a slump in the euro and easing supply concerns. Nickel has touched a low of Rs 1120 a kg after opening at Rs.1131.8, and last traded at Rs 1133.8.For today market is looking for the support at 1120.1, a break below could see a test of 1106.4 and where as resistance is now likely to be seen at 1147.4, a move above could see prices testing 1161.

Trading Ideas:

Nickel trading range is 1106.4-1161.

LME nickel prices will remian volatile at high level.

Nickel is having resistance at 1143.50 and support at 1126.70 level.

Spread between nickel JAN & FEB contracts yesterday traded in the range of 10.40 - 16.

SELL NICKEL JAN @ 1135-1138 SL 1148 TGT 1128-1122-1116.MCX

YESTERDAY LME STOCK FOR NICKEL CAME UP  BY 1218