Wednesday, April 6, 2011

NCDEX Steel Updates

NCDEX Steel Apr contract opened weak at 28350 per tonne against previous close of 28370, made the same level as an intraday high. The contract last traded at 28090 down by 280 rupees near its intraday low of 28080.

Steel future prices are falling steadily from last few days on the back of profit booking. Steel future prices are likely to fall further on weak demand and could test 27000-26300 levels within next few trading days.

Support for Steel is seen at 27000 and below that, it could see a test of 26300. While Resistance levels are 28750 and 29250 respectively. 14 days RSI for NCDEX Steel Apr contract is at 52 levels, which shows that Steel prices are on downtrend.

Positional traders can sell MCX Steel Apr contract near 28500 keeping a stop loss of 28800 and can wait for the targets of 28000-27300.



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PraniShah said...

In the forex market, the rupee opened higher against the U.S. dollar. The partially convertible Indian rupee opened at 61.64 against the greenback, as compared to Thursday's close of 61.76.


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