MCX Nickel April contract yesterday traded with the negative node and settled down at 1139.40 in line with weakening trend overseas. Some pressure had been seen from the LME stock also which came up by 420mt, the total stock at LME is now at 124506mt.
In Today's trading session Nickel has touched the low of 1122.50 after opened at 1138.10, for today's session market is looking to take support at 1123, a break below could see a test of 1110 and where as resistance is now likely to be seen at 1153.2, a move above could see prices testing 1155.8.
Nickel futures trading range is 1110-1168.5.
Short term traders can sell MCX Nickel April Contract near 1135 with the stop loss of 1170 and can wait for the targets of 1105 and 1090.