Silver July contract inched 134 rupees down to settle at 41453. Silver is now approaching 41100 which is very crucial support. Any failure of 41100 would bring 40700-40300 and more down side. Resistance is now seen near 41900 any sustained move above that level would bring 42400-42700 on cards. Key resistance would remain at 43000 and any closing above that level would bring some more charm and then we may see 43500-700 on cards.
Silver trading range for the day is expected among the key support at 41200 and resistance at 42200.
Â· Today selling silver around 41500-700 with stop loss above 41900 for targeting 41100-40800-40400 and more down side might be appropriate.
Â· In alternative scenario selling below 41300 with stop loss above 41600 for targeting 40900-40500 and more down side.
Â· Buying above 41900 with stop loss below 41600 for targeting 42200-42600 and more upside might be appropriate.
Are you stuck in Buying/Selling decision of stocks…. We are just a call away