The commodity contract of steel of June Month opened at 29150 per tonne which is a very strong position against previous close of 29050 and the same level at NCDEX is recorded as an intraday high of the day and last traded at 29080 up by 30 rupees after it made an intraday low of 28970.
The NCDEX steel future prices are trading at a side pace from last few trading weeks. The Steel future prices are likely to fall on profit booking. The noted steel demand in NCDEX physical market is also weak which may drag steel prices to 27300-26300 levels within next few trading weeks.
The Commodity Call For the Day for NCDEX is as follows and the calls for traders and positional traders is as follows:
NCDEX Steel:
Test at 27500 Rs price.
Support: 28300 Rs.
R1 29700 and,
R2 at 30250 along with 14 Days RSI at 52 levels.
NCDEX STEEL call For Positional traders:
NCDEX Steel: Contract June SELL near at 29250 Rs with a Stop loss of 29850 Rs and T1 28500, T2 27800 Rs.
