Nickel on MCX settled down -0.84% at 791.8 tracking LME prices falling by 0.2 percent to $11,580 on profit booking after prices gained on Wednesday after better-than-estimated U.S. data on durable goods and manufacturing. Inventories fell 222 tonnes to 367,728 tonnes and cancelled warrants dropped 324 tonnes to 127,170 tonnes. LME stocks are falling - they are down 17% in the year to date. Available stocks at 239,886 tonnes are near this year's low. Japan's core consumer prices marked their eighth straight month of annual declines in October, illustrating the sheer scale of the central bank's struggle to beat deflation and stagnant growth with diminishing policy options. The data will keep policymakers under pressure to do more to stimulate the economy, with fiscal spending likely the more preferred option as three years of aggressive easing by the Bank of Japan failed to accelerate inflation to its 2 percent target. Euro zone business activity expanded the most in nearly a year in November, stirring some optimism that economic momentum is picking up again. Meanwhile, China fixed its yuan midpoint at the weakest since June 2008, which also encouraged mainland investors to chase commodities as a hedge against further dollar strength amid lower yields in other asset classes and a steadily improving fundamental picture. Euro zone business activity expanded the most in nearly a year in November, stirring some optimism that economic momentum is picking up again. Technically market is under fresh selling as market has witnessed gain in open interest by 3.37% to settled at 7513 while prices down -6.7 rupee, now Nickel is getting support at 786.6 and below same could see a test of 781.3 level, And resistance is now likely to be seen at 800.9, a move above could see prices testing 809.9.

Trading Ideas:

Nickel trading range for the day is 781.3-809.9.

Nickel dropped on profit booking after prices remained supported after Wednesday's better-than-estimated U.S. data on durable goods.

LME stocks are falling - they are down 17% in the year to date. Available stocks at 239,886 tonnes are near this year's low.

Nickel daily stocks at Shanghai exchange came down by 120 tonnes.