MCX silver sustain bullish momentum above ₹96,500, Crude consolidates around ₹6,300; check today's trade setup

Market recap (as of 6:15 pm)

• Gold 4 April Futures: ₹86,112/ 10 gram (▲ 0.24%)
• Silver 5 March Futures: ₹97,406/ 1 kg (▲ 1.04%)
• Crude Oil 19 March Futures: ₹6,289/ 1 BBL (▲ 0.02%)

According to experts, Trump's tariff comments have heightened concerns that increased U.S. tariffs could disrupt global trade and spark a new trade war between the world's largest economies. Meanwhile, silver was also trading higher, up 1.81% at $33.64 per troy ounce in the futures market.

Technical structure

For the coming sessions, traders can monitor the high of the bearish reversal pattern. A close above this area on the daily chart will signal a continuation of the bullish momentum. Conversely, a close below the 84,600 level will signal weakness.

The broader outlook for silver remains bullish, but for short-term insights, traders should watch the Doji's high and the key resistance zone at ₹96,500. A decisive close above these levels could indicate further upside potential. Conversely, a close below ₹96,500 may lead to a period of consolidation between ₹96,500 and ₹93,643.

The open interest data for the 17 March expiry sustained significant call and put build-up at 6,300 strike, indicating consolidation of crude around this zone. Conversely, a significant put base was also observed at 6,200 strike, pointing support for the crude oil.

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