Nickel yesterday traded with the negative node and settled -0.49% down at 1298.4 with tracking LME nickel prices which  opened at USD 28,701/mt and closed at USD 28,621/mt, down by USD 109/mt from a day earlier, with the highest price at USD 28,800/mt and the lowest price at USD 28,000/mt. LME nickel prices slipped sharply in the afternoon trading hours on Thursday, and pared certain losses during the European trading hours from dip-buying, with prices closing with slight decline and moving above 5-day moving average. The US Investment Company Institute announced on Thursday that total assets of the US Money Market Mutual Funds (MMMFs)in the week ending on February 16th increased by USD 5.56 billion to USD 2.756 trillion. For today's session market is looking to take support at 1275.3, a break below could see a test of 1252.3 and where as resistance is now likely to be seen at 1315.1, a move above could see prices testing 1331.9.

Trading Ideas:

Nickel trading range is 1252.3-1331.9.

Nickel yesterday traded with the negative node tracking LME nickel prices

Nickel looks to take support at 1286 and resistance is at 1310 level

Spread between nickel FEB & MAR contracts yesterday traded in the range of 4.40 - 7.4.

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -174