Technically market is under Fresh Selling as market has witnessed gain in open interest by 11.03% to settled at 2194 while prices down -0.35 rupee, now Zinc is getting support at 120.5 and below same could see a test of 119.9 level, and resistance is now likely to be seen at 121.8, a move above could see prices testing 122.5.
Trading Ideas:
--Zinc Trading Range for the day is 119.9-122.5.
--Zinc ended with losses as firmness in rupee weighed despite both China's and US manufacturing data in May topped expectations.
--In US, the preliminary Markit manufacturing PMI rose to 56.2 in May, while the existing home sales for April grew for the first time this year to 4.65 million.
--China Zinc Demand Growth to Slow to 3% in 2014.
www.punjiniveshonline.com
Trading Ideas:
--Zinc Trading Range for the day is 119.9-122.5.
--Zinc ended with losses as firmness in rupee weighed despite both China's and US manufacturing data in May topped expectations.
--In US, the preliminary Markit manufacturing PMI rose to 56.2 in May, while the existing home sales for April grew for the first time this year to 4.65 million.
--China Zinc Demand Growth to Slow to 3% in 2014.
www.punjiniveshonline.com
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