Zinc futures lost 5.2 per cent last week. The March contract is now trading at ₹305 (per kg) after closing at ₹307.65 on Friday. 

Since early February, zinc futures have been attempting to break out of the resistance at ₹330. But unable to do so, it was charting a sideways trend. Bears took advantage of the prolonged consolidation, which led to the contract slipping below the support at ₹317 last week. 

Going ahead, the price can drop further. That said, there is a chance for a corrective rally given that the price band of ₹300-305 is a potential support. However, the uptick is unlikely to go beyond ₹310.

An eventual breach of the support at ₹300 can drag the contract to ₹290, a support. Subsequent base is at ₹278. On the other hand, if zinc futures break out of ₹310, the upside can extend to ₹315, a notable resistance. 

Overall, the bias is bearish given the prevailing chart set up. 

Trade strategy

Short zinc futures at the current level of ₹305. Target and stop-loss can be ₹290 and ₹312, respectively.

Published on March 23, 2026