MCX Silver futures saw a muted movement in last session as markets tried to get back to normalcy following the deep slide that made the futures test a one month low of Rs 65300 on Tuesday. This was also the 50 day SMA mark and has now put a fairly stable floor under the prices. The counter turned lower in early trading hours today, testing the lower Bollinger Band (BB) on hourly charts and currently quotes around Rs 66900 mark. The intraday market structure is likely to be bearish with upside likely only on a break above 20 hour SMA placed around Rs 67270. On the downside, lower BB on daily charts, currently at Rs 66200 could turn out to be a decent support.
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