Nickel yesterday traded with the positive node and settled 0.1% up at 942.5. Some pressure had been seen from the LME stock also which came up by 912mt, the total stock at LME is now at 161742mt. In yesterday's trading session nickel has touched the low of 936.3 after opening at 938, and finally settled at 942.5. For today's session market is looking to take support at 934.4, a break below could see a test of 926.3 and where as resistance is now likely to be seen at 952.5, a move above could see prices testing 962.5. Spread between nickel FEB & MAR contacts yesterday ended at 2.60, we have seen yesterday that the nickel market had traded with a positive node and settled 0.1% up. Spread yesterday traded in the range of 2.20 - 4.

Trading Ideas:

Nickel trading range is 926.3-962.5.

Sherritt's Ambatovy nickel mine on schedule to start this year

Nickel is getting support at 937.80 and resistance is at 947.20.

Nickel FEB & MAR spread traded in the range of 2.20-4.

BUY NICKEL FEB @ 934-936 SL 928.20 TGT 939.80-944.20-948.50.MCX