Chinese owned Munali nickel mine plans to raise annual production output of the mineral to 1.2 million tonnes per annum from 900,000 tonnes by 2012. Nickel has touched a low of Rs 1062.3 a kg after opening at Rs.1070.1, and last traded at Rs 1093.8.For today market is looking for the support at 1071.6, a break below could see a test of 1049.4 and where as resistance is now likely to be seen at 1106.7, a move above could see prices testing 1119.6.

Trading Ideas:

Nickel trading range is 1049.4-1119.6.

Munali nickel mine plans to raise annual production output

Nickel is getting support at 1087.60 and resistance is at 1098.20.

Spread between nickel MAR & APR contracts yesterday ended at -0.90.

BUY NICKEL MAR @ 1075-1080 SL 1065 TGT 1088-1096-1102.MCX