Nickel yesterday traded with the positive node and settled 0.99% up at 1135.5, on recovered economic data as well as weaker US dollar index boosted base metal prices, China’s PMI slipped slightly to 53.9, and expectation was 55.5. In addition, new orders and employment situation in the EU zone also improved. Manufacturing activities expanded in the EU zone, with PMI climbing to 57.1 and the initial data at 56.8. The world economy is recovering, and China’s inflation control also achieved preliminary effect, lending strong support for base metals. For today's session market is looking to take support at 1126.7, a break below could see a test of 1117.9 and where as resistance is now likely to be seen at 1143.5, a move above could see prices testing 1151.5.

Trading Ideas:

Nickel trading range is 1117.9-1151.5.

Nickel ended higher getting support from supportive data and weak dollar index

Nickel is having resistance at 1143.50 and support at 1126.70 level.

China’s inflation control also achieved preliminary effect, lending strong support for base metals

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

YESTERDAY LME STOCK FOR NICKEL CAME DOWN  BY -276