Zinc material, crude | Photo credit: bagi1998
The contract faced resistance at ₹320. Three breakout attempts have been made since December, without success.
On the other hand, zinc futures have not fallen and have even made higher lows over the past month. So the price action resembles a triangle pattern.
A breakout of ₹320 could confirm this pattern and this would signify a new uptrend. Such a move could take zinc futures to ₹340, which is a potential resistance. A further barrier is ₹370.
But if zinc futures fall and break a trendline support at ₹307, where the 50-day moving average also coincides, the trend may turn bearish in the near term. The price could drop to ₹290 or even ₹278, notable support levels.
As things stand now, given the current consolidation and a strong uptrend preceding it, there is a chance of a corrective decline. But for that, the price needs to drop below ₹307. Until then, traders can stay outside.
Trading strategy
Stay outside for now. Short zinc futures if it moves below the ₹307 support. Target and stop-loss can be ₹290 and ₹315 respectively.
Published on January 22, 2026
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