Nickel prices gained as traders enlarged their positions, triggered by domestic demand for the metal and increased buying by speculators, supported by strength in base metals at the LME on optimism that global demand may pick up. Nickel has touched a low of Rs 894.8 a kg after opening at Rs.894.8, and last traded at Rs 902.For today market is looking for the support at 896.1, a break below could see a test of 890.1 and where as resistance is now likely to be seen at 906.7, a move above could see prices testing 911.3.

Trading Ideas:

Nickel trading range is 890.1-911.3.

Nickel prices gained triggered by domestic demand and support from LME

Nickel is getting support at 896.10 and resistance is at 906.70

Yesterday we have seen open interest fell by 3168 and volume by 501