Nickel yesterday traded seven-month high on firm equity markets and demand from stainless steel industries. Open interest higher by around 7%. Metals are rallying on chart-based buying and hope that recovery in the global economy will revive demand. Nickel has touched a low of Rs 1008.7 a kg after opening at Rs. 1014.3, and last traded at Rs 1033.1.

For today market is looking for the support at 1012.6, a break below could see a test of 992.1 and where as resistance is now likely to be seen at 1049.7, a move above could see prices testing 1049.7, a move above could see prices testing 1066.3.

Trading Ideas:

Nickel trading range is 992.1-1066.3.

Nickel yesterday traded seven-month high due to demand from stainless steel industries

Nickel is getting support at 1027.80 and resistance is at 1038.40.

Vale talks with striking Sudbury union to continue

BUY NICKEL MAR @ 1020-1024 SL 1012.20 TGT 027.80-1032.50-1037.80.MCX