Street signs: Nifty50 may test 16,900 levels, switch makers to gain & more

High inflation in commodity costs and supply chain disruptions are also likely to favour organised players

Nifty50 may test 16,900 levels

Nifty slipped below the psychological 17,000-mark on Friday, logging its second-worst week in 10 months amid a ‘sell on rise’ sentiment among institutional investors. Analysts believe that 16,900 will act as an immediate and important support level for the index. Below this, the Nifty may head towards 16,700-16,400 levels. On the upside, 17,200-17,250 will act as a critical resistance zone at any pullback. Bank Nifty is also witnessing significant selling pressure and underperforming after it slipped below its 200-DMA. However, 35,500-35,000 is an immediate support zone, below which analysts expect further selling pressure. On the upside,