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Sensex: Gold: Rs.29770.00
Nifty: 10894.7 +77.70 Silver: Rs.38984.00
Daily trading bites: Buy MCX Silver around 39480 -
Daily trading bites: Buy MCX Silver around 39480
Way2wealth | Published: 26 Oct, 2017  | Source :


On Wednesday, silver prices slipped lower till the trend line support of 29356 and by the ended it recouped slightly and settled at 39484. Price has come down till the key support levels and we expect it to rebound from these levels till the immediate resistance of 39900 then 40200 levels. Thus, we advise buying around 39480 for above mentioned targets.


On Wednesday, copper prices slipped sharply lower till 453.20 and recovered slightly by the ended and settled at 456.40. The key support is at the 451 mark of the previous high and as long as it holds above that the upside potential remains intact. Therefore, we expect prices to remain bullish and advise buying on correction around 454.20 levels for upside targets of 461 then 465.


In line with expectation chana November contract prices inched slightly higher after testing the initial low of 5061 and ended at 5125 forming doji candle stick formation. On the daily chart, momentum indicator RSI is showing positive divergence and the MACD making a bullish crossover is indicating a bullish reversal. Thus, we continue to recommend buying on dips for the targets of 5170 then 5250 levels.


On Wednesday, jeera November contact prices rose sharply till the high of 19250 and ended at 19190 gaining 1.60%. Prices have exactly tested the immediate trend line resistance and a head breach of 19250 will confirm a fresh bullish out. Thus, we recommend buying on the break of 19260 for upside targets of 19400 then 19600.

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