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Street signs: No let-up as stocks feel squeeze, the great IPO rush & more

Market players say issues have bunched up on account of companies rushing to hit the market before expiration of the result filing deadline

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Last September, a similar rush was witnessed. Bourses have a separate platform for SMEs listing, with rules different from mainboard IPOs

Sundar Sethuraman
No let-up as stocks feel the squeeze

The benchmark Nifty crashed nearly 2 per cent on Friday to end the week at 17,327. Technical analysts say a drop below 17,000 cannot be ruled out. “The Nifty has formed a lower top formation on daily charts and a long bearish candle on daily charts. For positional traders, 17,500-17,600 could act as a crucial resistance zone. On the flip side, 17,250 will be a sacrosanct support level. If the index closes below this, it could retest the level of 17,150 and retreat further to 17,000,” says Amol Athawale, deputy vice-president, technical research, Kotak

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First Published: Sep 26 2022 | 6:10 AM IST

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