Nickel yesterday traded with the negative node and settled -3.31% down at 844.6. Some pressure had been seen from the LME stock also which came down by 426mt, the total stock at LME is now at 158814mt. In yesterday's trading session nickel has touched the low of 842.3 after opening at 872, and finally settled at 844.6. For today's session market is looking to take support at 832.80, a break below could see a test of 821.10 and where as resistance is now likely to be seen at 865.70, a move above could see prices testing 886.90. Spread between Nickel JAN & FEB contracts yesterday ended at 4.30. Spread yesterday traded in the range of 3.50 - 6.

Trading Ideas:

Nickel trading range is 825-860.

Nickel ended down on concerns many countries may tighten liquidity

Nickel trading below 854 could see 820-816 level again in today’s trading session

Spread between Nickel JAN & FEB contracts ended at 4.30.

SELL NICKEL DEC BELOW 840 SL 856 TGT 834.80-830.20-826.50-820-816.MCX (1-2DAYS)