Nickel yesterday traded flat but still settled -0.09% at 1276.2 holding support at 1270 level tracking firming trend in other base metals overseas and strong domestic demand, US Federal Reserve maintained stimulus efforts, bolstering the demand outlook for base metals. In yesterday's trading session nickel has touched the low of 1267.7 after opening at 1277, and finally settled at 1276.2. For today's session market is looking to take support at 1267.8, a break below could see a test of 1259.4 and where as resistance is now likely to be seen at 1284.5, a move above could see prices testing 1292.8.

Trading Ideas:

Nickel trading range is 1259.4-1292.8.

Australia's nickel refinery is set to reopen after being shut down ahead of Cyclone Yasi this week.

Nickel looks to take support at 1260 and resistance is at 1290 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 4.80 - 8.7.

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -672