Nickel yesterday traded with the negative node and settled -0.43% down at 1079.7 on profit booking and also getting pressure from weak overseas market. Some pressure had been seen from the LME stock also which came up by 36mt, the total stock at LME is now at 124176mt. In yesterday's trading session nickel has touched the low of 1073.8 after opening at 1087, and finally settled at 1079.7. For today's session market is looking to take support at 1069.6, a break below could see a test of 1059.4 and where as resistance is now likely to be seen at 1094.1, a move above could see prices testing 1108.4. Spread between nickel OCT & NOV contacts yesterday ended at 8.10. Spread yesterday traded in the range of 7.60 - 11.

Trading Ideas:

Nickel trading range is 1059.4-1108.4.

Nickel yesterday traded with the negative node on profit booking

Nickel is having resistance at 1086.80 and support at 1069.6 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 7.60 - 11.