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MTECHTIPS MCX Silver may trade range bound; 54400 - 55200

MTECHTIPS MCX Silver may trade range bound; 54400 - 55200

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MTECHTIPS
MCX Silver may trade range bound; 54400 - 55200




Silver futures for May delivery on India's Multi Commodity Exchange is expected to trade range bound for the day, according to our analyst.“For intra-day, the commodity has good support at 54400 while 55200 is the resistance. Silver prices are expected to trade in the aforesaid range and breakout of any of the sides would give the clear direction for futures,” said Ankush Kumar Jain Research Analyst at Commodity Online.“Traders are advised to take buy position around 54700 with stop loss of 54400 and for target near 55000,” he added.MCX silver for May delivery was down by 0.59 percent at Rs.54740 per kilogram as of 03.40 PM IST on Friday.A rise in silver buying by jewellers and industrial units have supported white metal prices to some extent.Meanwhile, Germany’s Ifo business climate index fell to 106.7, from 107.4 in the preceding month according to the data released by Ifo Institute for Economic Research on Friday.Growing concerns over Eurozone crisis may support white metal prices to go up in the near term.Comex silver futures for May delivery was down by 0.63 percent at $ 29.028 per troy ounce as of 04.07 PM IST on Friday.
WWW.MTECHTIPS.COM
07489294118-119

MTECHTIPS
MCX Silver may trade range bound; 54400 - 55200




Silver futures for May delivery on India's Multi Commodity Exchange is expected to trade range bound for the day, according to our analyst.“For intra-day, the commodity has good support at 54400 while 55200 is the resistance. Silver prices are expected to trade in the aforesaid range and breakout of any of the sides would give the clear direction for futures,” said Ankush Kumar Jain Research Analyst at Commodity Online.“Traders are advised to take buy position around 54700 with stop loss of 54400 and for target near 55000,” he added.MCX silver for May delivery was down by 0.59 percent at Rs.54740 per kilogram as of 03.40 PM IST on Friday.A rise in silver buying by jewellers and industrial units have supported white metal prices to some extent.Meanwhile, Germany’s Ifo business climate index fell to 106.7, from 107.4 in the preceding month according to the data released by Ifo Institute for Economic Research on Friday.Growing concerns over Eurozone crisis may support white metal prices to go up in the near term.Comex silver futures for May delivery was down by 0.63 percent at $ 29.028 per troy ounce as of 04.07 PM IST on Friday.
WWW.MTECHTIPS.COM
07489294118-119

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Published by: MtechTips on Mar 22, 2013
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MTECHTIPS

MCX Silver may trade range bound; 54400 55200

Silver futures for May delivery on India's Multi Commodity Exchange is expected to trade range bound for the day, according to our analyst.“For intra-day, the commodity has good support at 54400 while 55200 is the resistance. Silver prices are expected to trade in the aforesaid range and breakout of any of the sides would give the clear direction for futures,” said Ankush Kumar Jain Research Analyst at Commodity Online.“Traders are advised to take buy position around 54700 with stop loss of 54400 and for target near 55000,” he added.MCX silver for May delivery was down by 0.59 percent at Rs.54740 per kilogram as of 03.40 PM IST on Friday.A rise in silver buying by jewellers and industrial units have supported white metal prices to some extent.Meanwhile, Germany’s Ifo business climate index fell to 106.7, from 107.4 in the preceding month according to the data released by Ifo Institute for Economic Research on

Friday.Growing concerns over Eurozone crisis may support white metal prices to go up in the near term.Comex silver futures for May delivery was down by 0.63 percent at $ 29.028 per troy ounce as of 04.07 PM IST on Friday.

WWW.MTECHTIPS.COM 07489294118-119

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