Aluminium futures (₹327/kg) has been falling over the last month. While there has been a recovery in price in the last few sessions, the broader downtrend remains intact.

The November contract started to decline on the back of the resistance at ₹355 in early September. It slipped to a low of ₹314.6 last week and has now recovered to ₹327.

From the current level, aluminium futures is likely to see an uptick in price, possibly to ₹332. But then, the bears are likely to regain traction, potentially leading to a resumption in downtrend. 

The nearest support from the current level is the price band of ₹300-305.

On the other hand, in case aluminium futures rises past ₹332, the near-term outlook can turn positive. In this scenario, the contract can rally to ₹344, a resistance. Subsequent barrier is at ₹350.

Overall, the outlook remains bearish, and participants can consider short positions on a rally. 

Short aluminium (Nov) futures if the price rises to ₹332. Place stop-loss at ₹340. When the price slips to ₹314 after the trade is initiated, tighten the stop-loss to ₹322. Book profits at ₹305.

Published on October 20, 2026