Nickel yesterday traded with the positive node and settled 2.74% up at 1217.7 LME nickel market opened at USD 26,500/mt and closed at USD 26,700/mt overnight, up by USD 90/mt from a day earlier, with the highest price at USD 26,862/mt and the lowest price at USD 26,324 mt. LME base metal prices largely ended with gains on Thursday night. Rumor that the Federal Reserve will further purchase government bond lent support for base metals. In addition, strong fundamentals also pushed tin prices higher. The Fed’s meeting minutes indicates that the US economy is recovering, raising expectation of stronger demand for base metals.In yesterday's trading session nickel has touched the low of 1188 after opening at 1188, and finally settled at 1217.7. For today's session market is looking to take support at 1196.6, a break below could see a test of 1175.6 and where as resistance is now likely to be seen at 1230.1, a move above could see prices testing 1242.6.

Trading Ideas:

Nickel trading range is 1175.6-1242.6.

Nickel ended with gains tracking fimness in LME market

Nickel looks to take support at 1205 and resistance is at 1230 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 4.50 - 12.2.

NICKEL WILL WAIT FOR FRESH ENTRY STILL FUNDAMETALS ARE STRONG BUT CORRECTION IS DUE.