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Silver Trading view for intraday 12.05.2013

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.

Recommendation:

·         Today selling silver around 41500-700 with stop loss above 41900 for targeting 41100-40800-40400 and more down side might be appropriate.

·         In alternative scenario selling below 41300 with stop loss above 41600 for targeting 40900-40500 and more down side.

·         Buying above 41900 with stop loss below 41600 for targeting 42200-42600 and more upside might be appropriate. 

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