Lead Futures (April), currently quoting ₹ 175/kg, has lost 2.5 percent so far this month. But the recent price action suggests that the contract has formed a base to ₹ 175.
This is likely to restrict the bearish trend, which in mid -March after the contract faced resistance to ₹ 185.
In particular, the support band of ₹ 174-175 has a good hero since June 2021, which implies that this is a solid base in the back of which bulls can regroup.
If the trend becomes bullish and leadership futures (April) begin to meet, it can increase to ₹ 179, a possible barrier. A rupture of ₹ 179 can raise the contract to ₹ 185.
On the other hand, if the contract violates support in ₹ 174, you can establish another autumn stage. In this case, the price can fall to ₹ 170 and ₹ 166, notable support levels.
Then, in general terms, although the recent trend has been bassist, it is likely that lead futures, which is now around a strong base, recovers.
Commercial strategy
Merchants may consider going to lead futures (April) at the current level of ₹ 175. The objective and the stop-loss can be in ₹ 179 and ₹ 173, respectively.
Posted on April 24, 2025