Tuesday, December 28,
Steel futures on NCDEX moved up sharply on 27th December after NMDC announced a hike of 3 % for Jan -Mar quarter. January expiry contract on NCDEX gained 400 points from the previous day’s close and trading volumes remained high.
Volumes surged to about 35,850 lots compared to 20,910 on Friday. According to technical experts, Steel long has good support at Rs 26,800-27,000. If it falls below Rs 26,800 tahen it might see a bottom of 26,400. Whereas, if it crosses Rs 27,200 then it might see a high of Rs 27,600-800.
Demand remained good and sentiments remained positive. Trading volumes were also high. According to an Ingot manufacturer based in Raigarg, Chattisgarh ” Yeasterday we receivied queries till 9 in the evening and demand was strong. As a result we were able to sale at good volumes.”
Manufacturers and traders are not seeing much downfall in near term.
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