Nickel yesterday traded with the positive node and settled 0.8% up at 1292.8 as support from LME nickel seen which opened at USD 28,225/mt and closed at USD 28,400/mt overnight, up by USD 50/mt from a day earlier, with the highest price at USD 28,800/mt and the lowest price at USD 28,035/mt. Daily trading volumes were 2,137 lots and positions were 98,923 lots. Nickel prices moved stably during the Asian trading hours, and received support from weak US dollar index in the evening, with prices reaching the highest at USD 28,800/mt but slipping at the tail of the trading. In yesterday's trading session nickel has touched the low of 1275.2 after opening at 1281.9, and finally settled at 1292.8. For today's session market is looking to take support at 1275.1, a break below could see a test of 1257.4 and where as resistance is now likely to be seen at 1310.6, a move above could see prices testing 1328.4.

Trading Ideas:

Nickel trading range is 1257.4-1328.4.

Physical nickel ETP stocks also plunged, to 78 tonnes from 402 tonnes.

Nickel looks to take support at 1278 and resistance is at 1304 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 4.30 - 7.1.