Nickel yesterday traded with the negative node and settled -2.9% down at 888.2 as weak data from Japan pressured prices. Investors will be keeping an eye on the Fed's two-day meeting starting on Tuesday, although it is likely to hold off from taking fresh steps, opting to review the impact of the significant action it took last month. Market participants are also looking out for any developments in Europe's debt crisis and their impact on global demand. The euro zone's fiscal deficit fell sharply last year as governments slashed expenses and raised taxes to regain market confidence in their public finances, but public debt still climbed, data from the European Union's statistics office showed on Monday. The German economy likely grew in the third quarter despite a weak global backdrop thanks to a strong performance by German industry and robust exports to areas outside the euro zone, the Finance Ministry wrote in its monthly report. In yesterday's trading session nickel has touched the low of 886.5 after opening at 912.5, and finally settled at 888.2. For today's session market is looking to take support at 878.5, a break below could see a test of 868.9 and where as resistance is now likely to be seen at 905.7, a move above could see prices testing 923.3.

Trading Ideas:

Nickel trading range for the day is 868.93-923.

Nickel yesterday traded with the negative node and settled -2.9% down as weak data from Japan pressured prices.

Spanish Prime Minister Mariano Rajoy said his government felt it was under no pressure to seek a bailout

Attention is now turning to this week's policy meeting of the Federal Reserve for its impact on the markets