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Sensex: 35511.6 +251.30 Gold: Rs.29753.00
Nifty: 10894.7 +77.70 Silver: Rs.38989.00
MCX Silver Mar: Buying above 39350 level is recommended - IndiaNotes.com
MCX Silver Mar: Buying above 39350 level is recommended
Way2wealth | Published: 08 Jan, 2018  | Source : IndiaNotes.com

MCX SILVER MAR: Silver prices have been consolidating in a narrow range of 38900-39350 levels since last few sessions after breaking out from its short term declining trend line resistance. Prices are expected to rise further from these levels if break above 39350 level towards immediate strong resistances placed around 40000 and 40200 levels. On the lower side immediate supports are placed around 39050 and 38900 levels. Buying above 39350 levels is recommended in Silver for the day. Action: Buy

 

MCX COPPER FEB: Copper prices corrected sharply in the last session till low of 452.10. Prices have been falling sharply after breaking down from its short term rising trend line support. Prices are expected to correct further from these levels towards next strong supports placed around 50% & 61.8% Fibonacci retracements of its rally from low of 421.30 till high of 471.60, which are placed around 447.35 & 441.65 levels respectively. On the higher side immediate resistances are placed around 455 & 463 levels. Action: Sell


NCDEX SOYBEAN FEB:
Soybean prices have been rising strongly since last few sessions after giving a breakout from its declining trend line resistance in the previous month. Prices have taken strong support at its short term rising trend line and are expected to rise further from these levels towards next strong resistance placed around 38.2% Fibonacci retracement of its fall from high of 4370 till low of 2713, which is placed around 3346 level. Action: Buy


NCDEX GUAR GUM FEB:
Guar Gum prices rose strongly in the last session till high of 9582 after taking strong support at its 20 weeks simple moving average currently near 8450 level. Prices are expected to rise further from these levels towards immediate resistance placed around 61.8% Fibonacci retracement of its fall from high of 13200 till low of 4960, which is placed around 10052 level. On the lower side immediate supports are placed around 9260 and 8980 levels. Action: Buy

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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.