Silver slipped to Rs 47,613 per kg on May 27 as participants increased their short position as seen by the open interest.
On the Multi Commodity Exchange (MCX), silver for July delivery touched an intraday high of Rs 47,847 and a low of Rs 47,370 per kg . So far in the current series, the precious metal has touched a low of Rs 34,076 and a high of Rs 49,499.
Silver delivery for July contract declined Rs 210, or 0.44 percent, to Rs 47,611 per kg at 1431 hours, with a business turnover of 9,711 lots. For the September contract, it was lowered by Rs 122, or 0.25 percent, to Rs 48,327 per kg with a turnover of 555 lots.
The value of July and September contracts traded, so far, is Rs 861.22 crore and Rs 4.77 crore, respectively.
The spot gold/silver ratio currently stands at 99.82 to 1, which means the amount of silver required to buy one ounce of gold.
MCX Silver is likely to trade in a sideways range, having resistance at Rs 48,100-48,350 and support at Rs 47,360-47,000, according to Motilal Oswal.
The broking firm said spot silver has an intraday support at $16.85-16.70 whereas resistance is at $17.25-17.40.
At 0907 GMT, the metal dipped 0.57 percent, quoting at $17.49 an ounce in New York.