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MTECHTIPS;-Silver futures is also trading in a negative

Tuesday, January 22, 2013 2:27
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MTECHTIPS;-Silver

 Silver futures is also trading in a negative zone as India’s rupee gained against US dollar.

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MCX silver futures for March delivery was down by 0.10 percent at Rs.59372 per kg as of 12.24 AM IST on Tuesday.I think, for intra-day, silver March futures look sideways and expected range for silver futures for the day is 59100-59800.Best strategy for intra-day traders is to buy on dips until it trades above 59100.I advice intra-day traders to buy silver March futures around 59300 level with strict stop loss of 59100 and wait for the target near 59600 & 59800.If silver March futures sustain above 59800, then it may move further up and may touch 60200-60500 level in coming sessions.Industrial recovery in major growing economies is expected to help drive silver futures in near future.

 

 

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