Nickel rose yesterday due to general rise in the metal complex and restocking at stainless steel mills, sign market players are interpreting as better demand for the metal. Jinchuan Group raised ex-works nickel prices by RMB 4,000/mt to RMB 171,000/mt on March. Nickel has touched a low of Rs 1090.1 a kg after opening at Rs.1092, and last traded at Rs 1121.2.For today market is looking for the support at 1099.9, a break below could see a test of 1078.5 and where as resistance is now likely to be seen at 1132.8, a move above could see prices testing 1144.3.

Trading Ideas:

Nickel trading range is 1078.5-1144.3.

Nickel rose yesterday due to general rise in the metal complex

Nickel is getting support at 1115.60 and resistance is at 1126.80.

Jinchuan group raises nickel prices to RMB 171,000/mt on March 31st

BUY NICKEL APR @ 1108-1113 SL 1102 TGT 1118-1126-1134.MCX