India: Aluminum fall on profit booking

Aluminum May contract has moved down by 1.56% during trading session in MCX due to Dollar strength.

Aluminum opened at Rs 95.95 per Kg and made low of 93.85 while it made high of 95.95. Total volume is around 3461 lots and open interest is around 1738.

"Technically, resistance level is at 97" said Hardik Shah, Sr. Commodity Analyst with Commodity Online.

Aluminum has fall from 99.7 to 93.85 within last 2 trading days.14 days RSI for Aluminum is at 55and is decreasing continuously on selling pressure.

"Fundamentally, Aluminum is strong. One can make short position at 89 levels for long term." said Shah.