Mediated talks between Brazilian miner Vale and union leaders on Monday over a five-month strike at its Voisey's Bay nickel mine in Eastern Canada have failed to bring the two sides back to the bargaining table, meaning no end to the strike is in sight. Nickel has touched a low of Rs 864.3 a kg after opening at Rs.878, and last traded at Rs 867.9.For today market is looking for the support at 860.80, a break below could see a test of 853.80 and where as resistance is now likely to be seen at 878.30, a move above could see prices testing 888.80.

Trading Ideas:

Nickel trading range is 850-880.

Vale union say won't restart Voisey's Bay talks

Support for nickel is seen at 863.40 and resistance at 871.40 level.

Spread between Nickel JAN & FEB contracts ended at 5.10.

SELL NICKEL DEC @ 875-878 SL 885 TGT 871.20-869.50-866.50-860.MCX