MCX Zinc future prices traded below 21 days exponential moving average which suggest weak trend. Based on falling trend line of last few trading sessions, Zinc future prices are likely to fall further.
MCX Zinc March contract opened at 111.05 per Kg. It tested lower levels of 109.10 during the day. It last traded at 109.35.The contract faces resistance near 113 while its support is seen near 107.50.
Short term traders can sell MCX Zinc March contract near 110.40 with stop loss of 112.50 and can wait for target of 108