The 34-year-old right-hander was part of a dramatic batting collapse in which the Volts lost 15 wickets in a day during their match with Wellington at the Basin Reserve last week.
The Firebirds went on to win the match by an innings and 43 runs. It was all rather humbling for Otago, which started the Plunket Shield so positively with a win against Canterbury in the opening round.
But while the result was bitterly disappointing, the camp remained upbeat, Nicol said.
``I could give you all the cliches in the world ... but we're just keeping the faith, really,'' he said.
``We learned a lot from the fixture. Obviously it is really disappointing to get beaten so badly.
``But we're only two games into the season and we've also had one win and are hoping to move forward and pick up another win.
``Everyone was hurting ... but we talked about the Shield being 40 days of hard cricket and at the end of the day we need to keep pushing that.''
Nicol was one of the few Otago batsmen who was able to occupy the crease. He battled hard for 19 from 76 deliveries in the first innings and tried to bat with more intent in his second effort, reaching 39 before nicking out.
He was not happy with the mode of his dismissal in the first innings. He skipped down the pitch and was stumped and felt he let the side down.
But the pressure had been building on the normally free-scoring batsman. He was not able to play his normal game and resolved to play with more positivity in his second innings.
``I'm hoping there is a bit more rhythm around the corner and I can contribute in a big way at some point,'' he said.
Nicol will get an opportunity to find that rhythm this week. Otago's round three match against Auckland at Eden Park Outer Oval gets under way today.
The venue has often been a graveyard for bowlers with its small dimensions and flat pitches.
Otago has made two changes for the game. Experienced batsman Neil Broom returns after missing the defeat to Wellington due to personal reasons.
He has replaced Josh Finnie in the line-up, while fast bowler Warren Barnes replaces 19-year-old seamer Nathan Smith, who has exams and is unavailable.
There is no room for form leg spinner Michael Rippon, with Mark Craig retaining his spot as the side's specialist slow bowler.
One of the keys for Otago will be the form of out of favour Black Caps all-rounder Jimmy Neesham. A back injury prevented him from playing as an all-rounder in round one but he made a solid return to the bowling crease last week.
It also appears he will be given an extended run at No 5 so he can push for his spot back in the national side.
``We just want him to keep improving to the point where he is actually doing something really meaningful for our group and winning us fixtures,'' Nicol said.
``That's the currency that he needs and wants because we all know that first and foremost he wants to be playing for the Black Caps.''
Auckland has named a squad of 13 for the game, although there is doubt around bowler Lockie Ferguson, who injured a finger in the last game.