5,165, is the next support:
``Our markets closed on a weak note on Friday, losing nearly a percent lower, on account of sudden reversal in European markets and fears of rate hike after government announcement on fuel pricing. Oil PSUs however surged as EGoM decided to decontrol the price of petrol and allow it to be market driven. The price of diesel was hiked by Rs 2 per liter and was announced to be deregulated eventually. Not only this, LPG and Kerosene prices too were hiked by Rs 35 per cylinder and Rs 3 per liter respectively. On weekly basis, Nifty closed almost flat, up just 0.12% compared to previous week but from the high of 5,367 seen on Monday, the benchmark slipped a good 1.8%. This was a welcome correction as from the bottom of 4,967 made on June 8, Nifty had climbed 8% in just 9 trading sessions. The correction can last some more as meaningful support levels are a bit away from Friday`s close of 5,269. The trend-line adjoining bottoms of May 25 and June 8 presents a good support around 5,220. Below 5,220, 20 DMA, which currently stands at 5,165, is the next support. RCom should react positively to the news of hiving off its tower business to GTL Infrastructure for Rs 500 billion,`` notes brokerage house Anagram.
``As expected, Nifty came down in the later part of the day as it was in the overbought region and as we are moving into a long weekend, we may not see huge buying tomorrow. For Nifty the major support is there at 5,185 levels,`` said Alex Mathews, Research head, Geojit BNP Paribas, Financial Services, while commenting on the outlook.