Last week it was broken 45500 successfully and made a low 43510 and finally closed at 43842 with a loss of nearly 450 points on week to week basis.
In this week, we may consider support 43510-42500, resistance is 4500-46200 in near term. On strength to sell and weakness to buy for short/quick profit strategy. Below ----- play for short side, if break.................thereafter free fall on the card.
Weekly Trend Decider -44208. This counter last week shown weakness as we expect & mention. Now again time come to buy. Silver will go zooooooooom 45800-48000. Buying levels only for clients.
Last week we mentioned that below 44500 Silver can go till 43800. Our subscribers were short from 44500 and booked profit at 43800. Silver is trading below its 20 DEMA but just above its 50 DEMA of 43328. Breaking of this level will put more selling pressure on this white metal. Downside it can fall till 42865. Upside it will face resistance at 44200.
On the domestic front, Silver slips below Rs 45k level on weak global cues. At MCX future, Silver for March contract traded at Rs 43,708, down by 2.09 per cent.
The top losers at commodity were Platinum for June contract (-4.00%), Silver for September contract (-2.33%), Silver for March contract (-2.09%), Silver M for February contract (-2.09%) and Silver for July contract (-2.09%)
Silver traded lower in future trade yesterday due to the heavy sell-off by stockists on the back of weakening global trend. At MCX future, Silver M foe February contract traded at Rs 43,714, down by 2.09 per cent, Silver for March contract traded at Rs 43,708, down by 2.09 per cent, Silver for July contract traded at Rs 44,229, down by 2.09 per cent.