Lead futures (continuous contract) have been in a bearish trend since May 2024. It began to fall after resistance to ₹ 196. The last section of decrease was in mid -March of this year thoroughly of resistance to ₹ 184.
The price action shows that continuous driving futures have a bearish inclination. From the current level of around ₹ 177, we hope that the contract falls to ₹ 175, which gives us a possible short -term negotiation opportunity.
A decrease beyond ₹ 175 is less likely since this is a solid base. This support has a good hero since June 2021. So there could be a rebound of this level.
Then, in general terms, we hope that the main futures will be denied to ₹ 175 from the current level and then see a recovery. A possible potential increase can raise the contract to ₹ 180. A violation of this can change the perspectives positive.
Commercial strategy
Since there is a short-term potential sale opportunity, we suggest that it is short in lead futures in ₹ 178. The objective and the stop-loss can be ₹ 175 and ₹ 179.50 respectively.
Posted on April 16, 2025