Nickel ended firm tracking firming global trend and pick-up in spot demand. Some pressure had been seen from the LME stock also which came up by 252mt, the total stock at LME is now at 123474mt. Nickel has touched a low of Rs 1083.6 a kg after opening at Rs. 1089, and last traded at Rs 1089.4.

For today market is looking for the support at 1081.5, a break below could see a test of 1073.7 and where as resistance is now likely to be seen at 1099.3, a move above could see prices testing 1109.3.

Trading Ideas:

Nickel trading range is 1073.7-1109.3.

Nickel ended firm tracking firming global trend and pick-up in spot demand

Nickel is having resistance at 1099.3 and support at 1081.5 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 7.40 - 14.3.