Ferromagnetic/ferromagnetic Ni/Co multilayers were prepared by DC-magnetron sputtering with component layer thicknesses ranging from 40 Å down to 5 Å. Structural characterizations by x-ray diffractometry show a well-defined compositional modulation along the film growth direction and a preferred (111) crystalline orientation. A longitudinal magnetoresistance ΔR/R over 2.7% with a sensitivity of ~0.11%/Oe was measured at room temperature in small fields less than 20 Oe. The highest room temperature sensitivity obtained in this system was 0.16%/Oe. Magnetoresistive sensitivity was found to vary inversely with the number of bilayers in the multilayers. The magnetic anisotropy of the films as determined by MOKE magnetometry is correlated to the magnetoresistance and indicative of an AMR effect.