In last week’s report we had said 25400 followed by 25600 were the next upside targets to eye while 24450 was the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Nifty, after touching a high of 25078, slipped to end the week at 24717. For the week, the benchmark lost half a percent, snapping an 8-week winning streak.

OUTLOOK

Nifty confirmed a “Sell” on it’s hourly chart on Friday.

20 DMA, placed around 24600, is the next support, below which, 34-DMA, placed around 24300, would be the next downside level to eye.

24900-24950 is the immediate resistance zone above which, 25078, the top made during the week, would be next hurdle.