Commodity Calls

MCX-Silver (₹39,503)

GURUMURTHY K YOGANAND D | Updated on March 10, 2018 Published on April 30, 2017


After being range-bound in the first half of the month, MCX-Silver plummeted over 7 per cent in the last two weeks. Immediate support is at ₹39,000. A break below it can take the contract lower to ₹38,300, which is a key short-term support level. A test of this support at ₹38,300 looks likely in the near term. The downside pressure will ease if the contract manages to reverse higher from there. Such a reversal may have the potential to take the MCX-Silver futures contract higher to ₹40,000 or ₹41,000. A strong break above ₹41,000 will bring back the bullish momentum and open the doors for a fresh rally to revisit ₹43,000 levels. On the other hand, if the contract declines below ₹38,300 decisively, it can fall to ₹36,500, a key long-term trendline support which may halt the downtrend. An upward reversal from here will see a relief rally towards ₹40,000 levels. But if the contract fails to reverse higher from ₹36,500 and breaks below it decisively, the selling pressure may intensify. The danger of the contract tumbling to ₹35,000 or even lower may increase.

Published on April 30, 2017

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.