24600, 24300 ARE DOWNSIDE LEVELS TO EYE; 24950 IS IMMEDIATE HURDLE
THE WEEK GONE BY
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.