Silver has resistance at Rs 26780/kg: Nirmal Bang

Nirmal Bang has come out with its commodity report. According to research firm silver is trading range bound but however resisting at Rs 26780 per kg on the upside. But breaching Rs 26800 levels on upside can test Rs 27000 levels in todays trading session.

Nirmal Bang commodity report:

Gold

The counter is forming descending triangle and is expected to break down on breaching the support at 16400. However till then prices may remain range bound for the day between 16450-600. 

Silver: 

The counter is trading range bound but however resisting 26780 on the upside. But breaching 26800 levels on upside can test 27000 levels in todays trading session. Thus one should avoid aggressive selling for the day. 

Copper:  The counter has finally breached the strong support at 335 levels and closed below the same at 334.35. Thus one can sell at every rise below 340 levels, targeting 327-28 on the downside. 

Nickel:  The counter looks weak as prices remain below 7 DMA and closed just below the 21 DMA and is expected to test the 40 DMA of 925 in near term. Thus one can remain short in the counter as long as prices trade below 998 levels for the day. 

Aluminium:  The counter falls back in the range bound territory. Thus one can trade within the thin range of 100-102 and wait and watch for a possible break out and trade in the direction of the break out.

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To read the full report click on the attachment