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On Friday, NIFTY opened with a downside gap and slipped below the 25,400 mark in early trade. However, it found support near 25,300 and witnessed a sharp recovery, eventually ending almost flat, just below the 25,500 level.

NIFTY tested the 50% retracement level of its recent correction from 26,104 to 24,587 and took support near the 50-DEMA, placed around 25,325. Further weakness is likely only if NIFTY breaks below 25,300, in which case it could decline towards 25,167 — the 61.80% retracement level.

On the upside, the 25,600–25,700 zone will act as a crucial resistance area, where the 10-DEMA and 20-DEMA are positioned. Fresh long positions should be considered only on a decisive breakout above 25,700.