Nickel Tueaday traded with the negative node and settled -0.54% down at 1184.3. LME base metal prices closed with gains on Wednesday, due to increased risk appetite from relatively prudent equity market. Market absorbed home sales data from the US and boosted by Osama’s State of the Union speech. LME nickel prices were firm and expected to rise further from weak US dollar and strong fundamentals. However, prices were also weighed by concern over tightening policy from China. For today's session market is looking to take support at 1173.1, a break below could see a test of 1161.9 and where as resistance is now likely to be seen at 1193.6, a move above could see prices testing 1202.9.

Trading Ideas:

Nickel trading range is 1161.9-1202.9.

LME prices closed with gains due to increased risk appetite from relatively prudent equity market.

Nickel looks to take support at 1172 and resistance is at 1196 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 7.10 - 19.6.

BUY NICKEL JAN ABV 1192 SL 1182 TGT 1198-1205-1215.MCX

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -96