Nickel yesterday traded with the positive node and settled 0.69% up at 1031.1 as speculators created fresh positions, supported by a firm trend in global markets. Some pressure had been seen from the LME stock also which came up by 84mt, the total stock at LME is now at 130518mt. In yesterday's trading session nickel has touched the low of 1016 after opening at 1023, and finally settled at 1031.1. For today's session market is looking to take support at 1019.2, a break below could see a test of 1007.2 and where as resistance is now likely to be seen at 1039.9, a move above could see prices testing 1048.6. Spread between nickel NOV & DEC contracts yesterday ended at 10.20. Spread yesterday traded in the range of 7.00 - 10.2.

Trading Ideas:

Nickel trading range is 1007.2-1048.6.

Nickel yesterday traded with the positive node and settled 0.69% up

Nickel is having resistance at 1039.90 and support at 1019.20 level.

Spread between nickel NOV & DEC contracts yesterday traded in the range of 7.00-10.20.