Nickel prices declined on account of profit booking. Major steelmakers are announcing price of steel product rise in January which also weighed on prices. Nickel has touched a low of Rs 1116.5 a kg after opening at Rs.1131.5, and last traded at Rs 1119.1.For today market is looking for the support at 1112.1, a break below could see a test of 1105 and where as resistance is now likely to be seen at 1130.6, a move above could see prices testing 1142.

Trading Ideas:

Nickel trading range is 1105-1142.

Nickel ended weak on account of profit booking

Nickel is having resistance at 1130.60 and support at 1112.10 level.

Spread between nickel DEC & JAN contracts yesterday traded in the range of 4.10 - 8.6.