Technical Outlook & Trading Strategy:-
The price of silver has been trading in a rising channel on its intraday charts, since it registered a low of Rs 51833 on 14th June; 2011.
The price has been taking resistance at its rising trend line.
The key momentum indicators are in buy mode and we believe that a close above its rising trend line would infuse fresh upside momentum into the counter.
We recommend traders to buy on a break above Rs 54150 levels with a stop loss placed above Rs 53717 levels and expect upside targets of Rs 54650 / Rs 54900 levels.
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