Zinc futures has been in a steady uptrend since March 23. The May contract is now trading at ₹340 (per kg). While there has been some moderation in price in recent sessions, the broader uptrend is valid and the likelihood of a resumption of the rally is high.
The May futures marked a high of ₹353.2 on April 27 and has now dipped to ₹340. The chart shows that the downtick might extend some more before the recovery.
The 21-day moving average, now at ₹336, is a potential support. Subsequent support is at ₹330. So, zinc futures (May) can restart the rally anywhere from the support band of ₹330-336. Once the rally begins, the contract can surpass the prior peak of ₹353.2 on a rise to ₹360.
On the other hand, if the contract falls below the support at ₹330, the near-term outlook might turn weak, and the price can decline to ₹320 and ₹310.
But as it stands, the broader uptrend is intact and traders can use the dips to buy.
Trade strategy
Buy zinc futures (May) at the current level of ₹336. Target and stop-loss can be ₹360 and ₹326, respectively.
Published on April 30, 2026