MCX Silver March contract was closed at 42286 which is changed by 489 points. Yesterday Silver recovered nicely from 20 days of EMA (Exponential Moving Average) support and it managed to settle above the psychological figure of 42000 that was indicating more bullishness in this commodity. Moving averages work on charts like a support and resistance. If the price is settled above moving average is giving signal stay long in particular commodity and vice-versa. Today supportive area will be at 41750 but if it will stable below 41750 then the next supportive area will be around 41450 and 41000 and more downside possible. In the upper side, Resistance will be at 42340 and then next resistance at 42500. If it will sustain above 42500 then we may see a sharp rally towards 44300-45000 zones.
Today the trading area for the day is expected among the key support at 41750 and resistance at 42500.
Recommendations: As we discussed that it is still trading above the Moving area then trader should buy this counter on every dip.
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