AHMEDABAD (Commodity Online): Silver futures traded positive in yesterday sessions as euro strengthened by hopes Greece was moving closer to a bailout deal, and surprisingly strong China inflation also supported sentiment.
At MCX Silver March contract ended at Rs 57177, up by 0.63 percent. It touched an intra-day high of Rs 57724.
In today's session Silver futures at MCX open positive on rupees depreciation. In MCX Silver March futures open at Rs 57221 and currently trading at Rs 57318, up by 0.25 percent by 11:47 IST. Meanwhile spot Silver trading at $ 33.883, down by 0.08 percent.
Technically MCX Silver March future having a good support at Rs 56800 and Resistance at Rs 57800, breakout any of side would give the clear direction for Silver for coming sessions till then Silver prices expected to trade in between the above said levels. Risky traders can take advantage of this range bound momentum by buying on lows and selling on highs, informed Ankush Kumar Jain, Analyst with Commodity Online.
Intra-day traders advise to buy MCX Silver March contract around Rs 57100 with stop loss of Rs 56800 for target Rs 57450 and 57700, added Jain.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
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