

Zinc futures registered an upward move of +1.9% over the week, marking a high of 307.70 and closing the week at 303.35, comfortably above key moving averages, including the 20-DEMA aligned near 299. Zinc maintains stability despite intermittent pullbacks. The ongoing respect of the rising trendline suggests that buyers remain active on declines, reinforcing the strategy of accumulating on dips as long as key support levels remain intact. Immediate support is placed at 299–291, while resistance is identified at 308–315, where selling pressure or profit booking could emerge if prices approach the upper band of the range.
From an indicator perspective, the RSI is currently positioned at 67.62, highlighting strong bullish momentum while nearing overbought territory. This indicates sustained strength but also signals the potential for short-term consolidation. The MACD histogram remains in positive territory, with the MACD line holding above the signal line, confirming ongoing upside momentum. Additionally, major moving averages including the 20, 50, 100, and 200 DEMA are placed at 299, 291, 28250, and 275.60, respectively, and continue their bullish alignment below current price levels.
Overall, the outlook remains sideways to bullish, and the market structure favors a buy-on-dips approach until support levels are decisively broken. Traders may look to accumulate near support zones.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 291 | 299 | 303.55 | 308 | 315 |
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