Nickel prices rose driven by firming trend overseas and pick up in domestic demand. Some pressure had been seen from the LME stock also which came up by 468mt, the total stock at LME is now at 124572mt. Nickel has touched a low of Rs 1034.5 a kg after opening at Rs. 1046.1, and last traded at Rs 1062.4. For today market is looking for the support at 1043.4, a break below could see a test of 1024.3 and where as resistance is now likely to be seen at 1072.6, a move above could see prices testing 1082.7.

Trading Ideas:

Nickel trading range is 1024.3-1082.7.

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Nickel is having resistance at 1072.60 and support at 1054.20 level.

Spread between nickel OCT & NOV contracts yesterday ended traded in the range of 8.90 - 11.5.