Nickel yesterday traded with the positive node and settled 0.84% up at 1054.2 as firmness in overseas market supported the prices. Some support had been seen from the LME stock also which came down by -42mt, the total stock at LME is now at 130866mt. In yesterday's trading session nickel has touched the low of 1039.3 after opening at 1044.2, and finally settled at 1054.2. For today's session market is looking to take support at 1039.2, a break below could see a test of 1024.3 and where as resistance is now likely to be seen at 1069.2, a move above could see prices testing 1084.3. Spread between nickel DEC & JAN contracts yesterday ended at 10.10. Spread yesterday traded in the range of 4.90 - 10.1.

Trading Ideas:

Nickel trading range is 1024.3-1084.3.

Nickel settled firm as firmness in overseas market supported the prices

Nickel is having resistance at 1069.20 and support at 1043.80 level.

Yesterday we have seen open interest has rose by 2661 and volume by 22696 lots