Aluminium futures have been in an uptrend. On Monday, the April contract hit a high of ₹380.60, and the May contract touched a peak of ₹379.65. Since the former is about to expire on Thursday (April 30), we shall consider the latter for analysis.

The chart shows that the uptrend is steady and there are no signs of a bearish reversal. However, there is a possibility of a corrective decline since ₹380 is a hurdle. The temporary moderation can drag aluminium futures (May) to ₹360. The downtick could extend to ₹350.

Once the rally resumes, the contract can rise to ₹395. However, if the support at ₹350 is breached, the near-term outlook can turn negative where the price can drop to ₹328.

Overall, as it stands, the outlook remains positive but before the next upswing, there is a chance for a corrective dip to ₹350-360 price band.

Trade strategy

Participants can buy aluminium futures (May) when the price drops to ₹360. Place stop-loss at ₹345. When the contract rises to ₹385, alter the stop-loss to ₹370. Book profits at ₹395.

Published on April 28, 2026