Nickel yesterday traded with the positive node and settled 0.6% up at 1124.3. Boosted by a series of upbeat economic reports from the US, LME nickel prices opened at USD 23,900/mt and closed at USD 24,100/mt overnight, up by USD 195/mt or up by 0.82% from a day earlier, with the highest price at USD 24,335/mt and the lowest price at USD 23,900/mt. In yesterday's trading session nickel has touched the low of 1116.2 after opening at 1116.2, and finally settled at 1124.3. For today's session market is looking to take support at 1118.2, a break below could see a test of 1112 and where as resistance is now likely to be seen at 1128.5, a move above could see prices testing 1132.6.

Trading Ideas:

Nickel trading range is 1112-1132.6.

Nickel recovered from weak on technical selling seen in the charts hold support at 1100.

Nickel is having resistance at 1128 and support at 1108 level.

Nickel import and export data released by China Customs also weighed on LME nickel prices.

BUY NICKEL JAN @ 1115-1118 SL 1106 TGT 1122-1128-1134.MCX

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -276