Steel prices have risen by 15% globally and by Rs 1000 to Rs 1500 per tonne in India due to China’s stimulus measures. The positive trend is expected to continue, with Indian steel producers likely to increase prices post-monsoon. There is no immediate need for government curbs on steel imports.
Tech view: Nifty faces resistance from short-term moving averages, forms small negative candle. How to trade tomorrow
After acting as support for months, the 10 and 20-day exponential moving averages (EMAs) have recently been breached. These EMAs now pose resistance around 25,150-25,200,