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The zinc futures contract on the Multi Commodity Exchange (MCX) slumped about 8 per cent in the past week. It is currently trading at around ₹166 per kg. The fall in the past week has taken the con tract well below the 200-day moving average level of ₹169. The near-term view remains negative, but crucial support levels are coming up, which need a close watch. The current downmove can extend to ₹161 or ₹160 in the coming days. A strong reversal from the ₹161-₹160 support zone may ease the downside pressure and take the contract to the 200-day moving average resistance. A further break above this hurdle can reduce the possibility of a fresh fall and can trigger a rally to ₹175 or even ₹180. On the other hand, if the contract fails to bounce from ₹160, the current downtrend may extend further. The next targets are ₹155 and ₹150.
Note: The recommendations are based on technical analysis and there is a risk of loss in trading
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