🔹 Market Analysis:

1️⃣ Market Movements:

  • Yesterday’s performance showed a brief rebound as prices found strong support around 3180, preventing further downside.
  • Volume remained light, with the market reducing some positions, leading to a narrow range with small fluctuations.
  • Global market pressures have eased slightly, and domestic policies are maintaining a neutral stance, providing little impetus for a strong trend either way.
  • Key data release tomorrow: Steel Union’s data will likely set the stage for the next directional move.

2️⃣ Short-term Outlook:

  • Range-bound trading likely between 3200-3300 in the near term.
    • 3350 is expected to act as the upper limit for the current rebound.
    • Supply-demand dynamics will need more time to fully unfold before a clear trend emerges.
  • Bearish bias still prevails given the overall market imbalance and the strength of selling momentum.

🔹 Trading Strategy:

✅ Overall Approach: Focus on selling on rallies at higher levels (particularly near 3350).
✅ Intraday Strategy: Look for opportunities to sell near the highs of the day, targeting downside corrections within the range.
✅ Risk Management: Keep positions light and use stops around key support and resistance levels.

🚨 Watch out for the Steel Union data tomorrow. It could be the trigger for the next big move in the market.

📌 Daily insights provided by LangZo Steel. For reprints, please credit LangZo Steel.