Nickel yesterday traded with the positive node and settled 0.26% up at 1045.5 buoyed by the firming trend overseas, along with pick up in domestic spot demand. Some pressure had been seen from the LME stock also which came up by 1098mt, the total stock at LME is now at 126768mt. In yesterday's trading session nickel has touched the low of 1043.2 after opening at 1045, and finally settled at 1045.5. For today's session market is looking to take support at 1038, a break below could see a test of 1030.5 and where as resistance is now likely to be seen at 1058.2, a move above could see prices testing 1070.9.

Trading Ideas:

Nickel trading range is 1030.5-1070.9.

Nickel settled firm buoyed by firming trend overseas and pick up in domestic spot demand

Nickel is having resistance at 1058.20 and support at 1038 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 11.20 - 14.9.