Nickel yesterday ended weak on profit booking after rising higher earlier in the day tracking firm overseas market. Some support had been seen from the LME stock also which came down by -138mt, the total stock at LME is now at 123132mt. Nickel has touched a low of Rs 1097.6 a kg after opening at Rs.1105, and last traded at Rs 1100.2.For today market is looking for the support at 1091.6, a break below could see a test of 1083.1 and where as resistance is now likely to be seen at 1114.7, a move above could see prices testing 1129.3.

Trading Ideas:

Nickel trading range is 1083.1-1129.3.

Nickel yesterday ended weak on profit booking after rising higher earlier in the day

Nickel is having resistance at 1114.7 and support at 1091.6 level.

Spread between nickel OCT & NOV contracts yesterday traded in the range of 6.50 - 11.2.