NCDEX Steel Sep contract opened at 24600 per tonne against previous close of 24580, made an intraday high at 24640. Steel futures prices are likely to fall further and may test 24200 to 23900 levels within next few days.

14 days RSI for NCDEX Steel Sep contract is at 61 levels and it shows downtrend. Support for Steel is seen at 24200 and below that, it could see a test of 23700. Resistance is now likely to be seen at 24850 a move above could see prices testing 25300.

Technically, range for Steel is from 23500 to 25000. Intraday traders can sell NCDEX Sep Steel long contract near 23650 keeping a stop loss of 23900 and waiting for targets of 23300 to 23000.

(Sourced from commodityonline.com)