Nickel prices drifted lower tracking weak trend overseas. Weak trend in spot markets due to sluggish demand from consuming industries also weighed on the nickel prices at futures market. Nickel has touched a low of Rs 923.3 a kg after opening at Rs.939, and last traded at Rs 930.For today market is looking for the support at 918.3, a break below could see a test of 906.5 and where as resistance is now likely to be seen at 946.8, a move above could see prices testing 963.5.946.8, a move above could see prices testing 963.5.

Trading Ideas:

Nickel trading range is 906.5-963.5.

Nickel prices drifted lower tracking weak trend overseas

Nickel is getting support at 925.80 and resistance is at 934.40.

Nickel FEB & MAR spread traded in the range of 2.20-8.90.

BUY NICKEL FEB ABV 935 SL 928 TGT 939.20-942.50-948.MCX