Nickel's rally was helped along by a modest decline in nickel inventories and another increase in canceled warrants, which strengthened the appearance that demand is increasing. Canceled warrants are inventories that are due to leave LME warehouses. Nickel has touched a low of Rs 972.1 a kg after opening at Rs.985, and last traded at Rs 1017.1.For today market is looking for the support at 985.7, a break below could see a test of 954.2 and where as resistance is now likely to be seen at 1035, a move above could see prices testing 1052.8.1035, a move above could see prices testing 1052.8.

Trading Ideas:

Nickel trading range is 954.2-1052.8.

Nickel's rally was helped by modest decline in inventories and increase in canceled warrants

Nickel is getting support at 1012.20 and resistance is at 1024.80.

The market was still in 78,000-ton deficit in 2009 - International Nickel Study Group

SELL NICKEL MAR BELOW 1014 SL 1022 TGT 1010.20-1004.50-998.20.MCX