MCX Aluminium yesterday traded with the positive node and settled 1.06% up at 117.9. Some support had been seen from the LME stock also which came down by -4525mt, the total stock at LME is now at 4.58 mt.
In yesterday's trading session aluminium has touched the low of 116.7 after opening at 116.9, and finally settled at 117.9. For today's session market is looking to take support at 117, a break below could see a test of 116.1 and where as resistance is now likely to be seen at 118.9, a move above could see prices testing 119.7.
MCX Aluminium April contract trading range is 116.1-119.7.
Short term traders can buy MCX Aluminium April contract near 117 with the stop loss of 115.50 and can wait for the targets of 118.8 and 119.7.