In last week’s report we had said that 20-DMA, placed around 24550, was the immediate hurdle while 23893, the bottom made during the week, was the important support.

Nifty, after touching a high of 24472 on Monday, slipped to 24100 from where it reversed and surged all the way to 24563 before ending at 24541. For the week, the benchmark gained 0.7%, snapping a 2-week losing streak.

OUTLOOK

Nifty closed above 20 as well as 34-DMAs on Friday and also confirmed a “Buy” on it’s hourly chart. 24825, the 78.6% retracement level of the recent 25078-23893 fall, is the next upside target, above which, 25078, the top made on 1^st August, would be next upside level to eye.

24300 is the immediate support on the hourly chart, upon breach of which, 24100, the low made during the week, would be next downside level to eye.

Meanwhile, trading longs can be held on to with the stop-loss of 24300.