The global nickel market may swing into a deficit for the first time in four years as the global economy recovers from its worst postwar recession, fueling demand for stainless steel, said Sumitomo Metal Mining Co., Japan's biggest producer. Nickel has touched a low of Rs 1167 a kg after opening at Rs.1167, and last traded at Rs 1204.2.For today market is looking for the support at 1178.9, a break below could see a test of 1153.5 and where as resistance is now likely to be seen at 1217.7, a move above could see prices testing 1231.1.

Trading Ideas:

Nickel trading range is 1153.5-1231.1.

Nickel market may swing to deficit for first time in four years

Nickel is getting support at 1197.80 and resistance is at 1210.40.

Nickel inventories rose but more inventories were earmarked to be withdrawn in coming days.

SOME PROFIT BOOKING CAN BE SEEN TODAY BELOW 1195 TILL 1170 LEVEL.