Zinc futures (₹418/kg) has been in a consolidation phase for nearly a month. While the broader trend has been positive, repeated rejection at a resistance level shows that the bulls might be weakening.

The October futures has largely been oscillating between ₹410 and ₹428 over the past month. Although the contract continues to form higher highs, the contract has not been able to crack the barrier at ₹428.

A prolonged consolidation can add strength to the bears. In this case, zinc futures can decline from the current level of ₹418 to retest the support at ₹410. A decisive breach of ₹410 can open the door for a decline to ₹400. 

On the other hand, if the bulls regain traction and leads to the breakout of ₹428, zinc futures can establish a fresh leg of uptrend. Notable resistance above ₹428 can be spotted at ₹435 and ₹440.

Overall, it is time for the bulls to turn cautious and the bears to keep a watch on the nearest support.

We had suggested a long position on zinc (October) futures at ₹410. Since there are signs of the rally weakening, we suggest exiting the trade at the current level of ₹418. 

Post this, traders can wait for a fresh breakout before initiating a new position. 

Published on October 22, 2026