MCX Zinc March contract closed at 162.50, which is changed on the downside by 3.56%. Yesterday zinc resumed its bearish trend after a very small consolidation and headed a low of 161.90. For the day trader support will be at 161.90, but if sustained below this level more weakness possible in this metals and then zinc may hit 159-156 area. In the upper side, Resistance is now seen around 164.50-165.50 areas, retest to these levels can not be ruled out but if stable above 165.50 then we will see some upside movement for 168 area. Strong resistance will be at 170 areas.
The trading range for the day is expected among the key support at 161.9 and resistance at 165.50.
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