MCX SILVER TIPS

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Spot silver prices declined around 1 percent in yesterday’s trading session taking cues from fall in gold prices. On the MCX, Silver March contract dropped by 0.5 percent and touched an intra-day low of Rs53,460/kg on Thursday. Silver will also take cues from rise in gold prices and upside in base metals today. In the domestic market silver prices might not improve so

much as rupee is likely to trade marginally stronger. Overall, we could say silver prices to stay sideways for the day.

SILVER SUPPORT AND RESISTANCE

Silver Comex (Mar-12) S3- 2863, S2- 2880, S1- 2900, R1- 2951 R2- 2976, R3- 2990

Silver MCX (Mar-12) S3- 52242, S2- 52438, S1- 52656, R1- 53223, R2- 53516, R3- 53667