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Street Signs: Nifty's cliffhanger, Mkt's heavy hitters step into IPO ring
BS Reporter Mumbai
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The Nifty has slipped 1,285 points — roughly 5 per cent — over the past five weeks, with the blue-chip 50-share index last closing at 24,363. Technical signals indicate the downtrend could continue. 'The index remains in a sell-on-rise phase, facing immediate resistance between 24,500 and 24,600, where fresh call writing is evident. It is likely to slide towards 24,160, marking the 23.6 per cent retracement of the rally that began in April,' said Kunal Shah, senior technical and derivatives analyst at Mirae Asset Sharekhan. Echoing the cautionary tone, Dhupesh Dhameja, derivatives research analyst at Samco Securities, said, 'Breaking the
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