Nickel yesterday traded with the positive node and settled 0.8% up at 1022.5 ahead of contract expiry. Gains in LME prices also supported the nickel prices. Some pressure had been seen from the LME stock also which came up by 1290mt, the total stock at LME is now at 128262mt. In yesterday's trading session nickel has touched the low of 1010.2 after opening at 1018.5, and finally settled at 1022.5. For today's session market is looking to take support at 1011.4, a break below could see a test of 1000.3 and where as resistance is now likely to be seen at 1032.4, a move above could see prices testing 1042.3. Spread between nickel OCT & NOV contracts yesterday ended at 12.30. Spread yesterday traded in the range of 12.20 - 13.3.

Trading Ideas:

Nickel trading range is 1000.3-1042.3.

Nickel yesterday settled positive node ahead of contract expiry

Nickel is having resistance at 1032.40 and support at 1011.40 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 12.20 - 13.3.