Nickel yesterday traded with the negative node and settled -1.33% down at 776.4. Some pressure had been seen from the LME stock also which came UP by 390mt, the total stock at LME is now at 133446mt. In yesterday's trading session nickel has touched the low of 773.1 after opening at 787.3, and finally settled at 776.4.

For today's session market is looking to take support at 770.10, a break below could see a test of 763.93 and where as resistance is now likely to be seen at 785.50, a move above could see prices testing 794.73.

Trading Ideas:

NICKEL TRADING RANGE IS 760-805.

BHP SAID TO SEEK $500 MILLION FOR RAVENSTHORPE NICKEL MINE

SELL NICKEL NOV @ 775-78 SL 783 TGT 771.80-768-764.50-762.MCX

BELOW 780 SELLING PRESSURE WILL BE SEEN FOR TGT 760

RESISTANCE FOR NICKEL IS AT 792.30 ABV THIS NEXT RESIST IS AT 797.90-802.60.