Street signs: 16,000 key support for Nifty, FPI sell-off continues & more

Foreign portfolio investors (FPIs) have continued to offload Indian shares this month, selling stocks worth over Rs 39,000 crore

16,000 key support for Nifty

The Nifty50 Index consolidated within a broad range of 15,900–16,400 last week. It recovered from the lows on the day of expiry to keep the momentum in the last trading session to end above 16,350, with gains of over half a per cent. “At the current levels, 16,000 has once again become a support zone. Until we manage to sustain above it, traders should use declines to add longs in the market. On the higher side, 16,400-16,500 remains a sturdy hurdle. Surpassing it will open the door to 16,800, followed by the 17,000 zone," said a