Commodity Online reported that NCDEX Steel May contract opened down at 28640 per tonne against previous close of 28770, made an intraday low at 28640. The contract last traded at 28740 down by 30 rupees near its intraday high of 28790.

Steel future prices are trading sideways from last few trading weeks. Steel future prices are likely to fall on weak physical demand and could test 27000-26300 levels within next few trading days.

Support for Steel is seen at 28000 and below that, it could see a test of 27300. While Resistance levels are 29450 and 29950 respectively. 14 days RSI for NCDEX Steel May contract is at 61 levels, which shows that Steel prices are trading sideways.

(Sourced from commodityonline.com)