Nickel ended positive on Friday as demand for steel has shown some improvement. The only worrying factor as of now is the demand from China. China is on a holiday and during the period of almost a week. Nickel has touched a low of Rs 1052.3 a kg after opening at Rs.1053.2, and last traded at Rs 1068.5.For today market is looking for the support at 1055.8, a break below could see a test of 1043 and where as resistance is now likely to be seen at 1077.8, a move above could see prices testing 1087.

Trading Ideas:

Nickel trading range is 1043-1087.

Nickel ended positive on Friday as demand for steel has shown some improvement

Nickel is having resistance at 1077.8 and support at 1055.8 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 6.80 - 10.6.