Nickel yesterday traded with the negative node and settled -0.89% down at 1175.6 due to reduced offtake by speculators, driven by weakness on copper and other base metals at the London Metal Exchange. Some pressure had been seen from the LME stock also which came up by 1464mt, the total stock at LME is now at 137766mt. In yesterday's trading session nickel has touched the low of 1167.5 after opening at 1184.5, and finally settled at 1175.6. For today's session market is looking to take support at 1167.2, a break below could see a test of 1158.9 and where as resistance is now likely to be seen at 1184.2, a move above could see prices testing 1192.9.

Nickel trading range is 1158.9-1192.9.

Nickel ended weak on profit booking amid weakness in base metals counter

Nickel looks to take support at 1166 and resistance is at 1188 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 5.50 - 8.1.

BUY NICKEL JAN @ 1168 SL 1158 TGT 1175-1182-1190 MCX