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Sensex: 35511.6 +251.30 Gold: Rs.29753.00
Nifty: 10894.7 +77.70 Silver: Rs.38989.00
Buy MCX Silver Mar: Prices are expected to rise further -
Buy MCX Silver Mar: Prices are expected to rise further
Way2wealth | Published: 04 Jan, 2018  | Source :

MCX SILVER MAR: Silver prices opened flat in the last session and prices rose slightly for the whole session till high of 39340. Prices have broken out from its short term declining trend line resistance and taken strong support around current levels after retesting the same. Prices are expected to rise further from these levels towards next strong resistances placed around 39600 and 40000 levels. On the lower side immediate supports are placed around 39200 and 38950 levels. Action: Buy


NCDEX SOYBEAN FEB: Soybean prices rose slightly further in the last session after taking strong support around its 20 days simple moving average currently at 3109 level. Prices have also taken strong support at its short term rising trend line earlier in the start of the week. Prices are expected to hold these supports and rise towards immediate resistance placed around 78.6% Fibonacci retracement of its fall from high of 3327 till low of 2804, which is placed around 3215 level. Action: Sell

In line with expectation zinc prices surpassed the falling trend line resistance of 211 and inched till the high of 212.25. The prices have given a clear break out ascending triangle pattern and going forward it is likely to head till the resistance of 215 then 217 levels. Thus, we continue to recommend buying on minor corrections around 211.50 for given targets. Action: Buy


NCDEX CASTOR FEB: Castor seed prices continued to fall sharply in the last session and broke down from its previous low of 4326 after breaking down from its short term rising trend line support in the previous session. Prices are expected to fall further from these levels towards next strong support placed around its previous bottom of 4166. On the higher side 4326 level will act as a strong resistance. Selling on rise is recommended in Castor seed for the day. Action: Sell

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.