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Zinc Short term Recommendation

Zinc April contract closed at 119.55 down by 0.95 rupees. Zinc is forming a base near the areas of 118.50 any sustained move below that level would trigger fresh bearishness in this contract and then retest to 117 zones is likely. Resistance is now seen near 120.10 any recovery above that level would bring charm in this commodity and then we will see retest to 121-122 zones.

Zinc trading range for the day is expected among the key support at 117 and resistance at 121.

Recommendation:

  • Today again buying zinc above 120.20 with stop loss below 119 for targeting 121-122 and more upside might be appropriate for intraday and short term.
  • Selling zinc below 118.20 with stop loss above 119 for targeting 117.30-116.50 and more down side.

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