According to a report released by the German Federal Statistical Office, nickel imported by Germany for steel production was 60% more expensive in February 2010 as compared to February 2009 and was up by 7.6% as compared to the previous month. Nickel has touched a low of Rs 1118 a kg after opening at Rs.1133, and last traded at Rs 1129.4.For today market is looking for the support at 1116.8, a break below could see a test of 1104.2 and where as resistance is now likely to be seen at 1143.2, a move above could see prices testing 1157.

Trading Ideas:

Nickel trading range is 1104.2-1157.

Germany February nickel import price up by 7pct YoY

Nickel is getting support at 1123.80 and resistance is at 1135.20.

Spread between nickel APR & MAY contracts traded in the range of 1.00 - 2.1.

BUY NICKEL APR @ 1118-1122 SL 1110 TGT 1126-1132-1138.MCX