The global refined nickel market was in a 15,500 metric ton surplus in January, the World Bureau of Metal Statistics said.  Yesterday we have seen nickel has touched a low of Rs 996.6 a kg after opening at Rs.999.8, and last traded at Rs 1012.3.For today market is looking for the support at 1000.9, a break below could see a test of 989.4 and where as resistance is now likely to be seen at 1019.5, a move above could see prices testing 1026.6.

Trading Ideas:

Nickel trading range is 989.4-1026.6.

The global refined nickel market was in a 15,500 metric ton surplus

Nickel is getting support at 1006.60 and resistance is at 1016.80.

Spread between nickel MAR & APR contracts yesterday traded in the range of 2.20-3.50.

BUY NICKEL MAR @ 1000-1006 SL 992 TGT 1012-1018.50-1026.MCX