The world nickel market was in a 19,000-metric-ton deficit between January and June this year compared with a surplus in the same period last year, the World Bureau of Metal Statistics said. Nickel has touched a low of Rs 1007.4 a kg after opening at Rs. 1025.3, and last traded at Rs 1018.7. For today market is looking for the support at 1004.8, a break below could see a test of 991 and where as resistance is now likely to be seen at 1035.1, a move above could see prices testing 1051.6.

Trading Ideas:

Nickel trading range is 991-1051.6.

The world nickel market was in 19,000-metric-ton deficit between January and June

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

Spread between nickel AUG & SEP contracts yesterday traded in the range of 6.30 - 11.