TRAIL STOP-LOSS TO 23443

THE WEEK GONE BY

In last week’s report we had said that 23546, the top made on Friday, exactly coincided with 34-DMA hurdle, upon crossover of which, 200-DMA, placed around 24000, would be next upside level to eye. We had also advised holding on to trading longs with the stop-loss of 23100.

Nifty, after touching a low of 23222 on Monday, reversed and surged all the way to 23807 and eased from there to end the week at 23560. For the week, the benchmark gained 0.3%, extending the winning streak to second straight week.

OUTLOOK

23443, the low made on Friday, coincided with 34-DMA and is immediate support to eye. If this level breaks, correction can extend to 23222, the low made during the week.

On the way up, 23807, the top made during the week, is the immediate hurdle, upon crossover of which, 200-DMA, placed around 24050, would be next upside level to eye.

Meanwhile, trading longs can be held on to with the stop-loss of 23443.