Ahmedabad (Commodity Online) : MCX Zinc is currently moving around Rs. 103.2 and after opening at Rs. 103.75 it is constantly, moving down, on the back of uncertainties from Euro zone.
Greece has accepted austerity plan and they can now move to take external international help to sort out the economical problems. Meanwhile, the data which are going to get released (core retail sales, TIC long term purchase) within couple of days are positive for base metals.
MCX Zinc February contract is having support near Rs. 102.1 if prices are closing below this level we can be certain of negative trend in lead for which resistance is at Rs. 104.9(it may turn positive if prices are moving above this level).
For longer term trader if prices are closing below Rs. 102 we can further see the level of Rs. 97 to Rs. 95, traders are advised to take the position accordingly, and manage there stop losses, as given.
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