Nickel yesterday traded with the positive node and settled 0.59% up at 1083.2 supported by strong demand at the domestic spot market and tracking firm cues from London Metal Exchange. Some pressure had been seen from the LME stock also which came up by 1026mt, the total stock at LME is now at 136308mt. In yesterday's trading session nickel has touched the low of 1077.9 after opening at 1077.9, and finally settled at 1083.2. For today's session market is looking to take support at 1077.8, a break below could see a test of 1072.4 and where as resistance is now likely to be seen at 1088.7, a move above could see prices testing 1094.2. Spread between nickel DEC & JAN contracts yesterday ended at 11.10. Spread yesterday traded in the range of 10.30 - 12.1.

Trading Ideas:

Nickel trading range is 1072.4-1094.2.

Nickel ended positive supported by strong demand

Nickel is having resistance at 1094.20 and support at 1072.40 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 10.30-12.10.