Nickel yesterday traded with the negative node and settled -1.14% down at 1153.5 LME nickel prices fluctuated, with the highest at USD 25,999/mt and the lowest at USD 25,680/mt. Spain and Italy shall sell bonds on Thursday night and a large amount of debt in the euro zone will come due during the remaining 2011, which will possible weigh on base metal prices. In addition, market speculated that prices of NPI from China may grow due to coke price hike caused by floods in Australia. In this context, LME nickel prices will receive certain support. In yesterday's trading session nickel has touched the low of
1150.8 after opening at 1165.1, and finally settled at 1153.5. For today's session market is looking to take support at 1144.6, a break below could see a test of 1135.8 and where as resistance is now likely to be seen at 1168.5, a move above could see prices testing 1183.6.

Trading Ideas:

Nickel trading range is 1135.8-1183.6.

Buyers were still few replenished stocks due to their optimistic outlook towards nickel price.

Nickel looks to take support at 1144.60 a break below same can test 1135.80-1124.20 level

Market speculated that prices of NPI from China may grow due to coke price hike caused by floods in Australia.

BUY NICKEL JAN @ 1145 SL 1138 TGT 1153-1160-1168.MCX