Numerical simulation of single point incremental forming process (SPIF) for Ni 201 sheet material was carried out using finite element analysis software and Taguchi experimental techniques. Reduction in thickness during SPIF process of the parabolic cups was estimated. Formability diagrams were drawn based on minor and major strains, and normalized major and minor stresses. The significant process parameters were identified using analysis of variance (ANOVA). Local thing along the walls of the parabolic cups were also estimated. It has been found that the maximum thinning ranges from 58% to 61% in the parabolic cups drawn from Ni201 using single point incremental forming process.