Street signs: Nifty on the brink, IPOs in deep freeze, and double jeopardy

Uncertainty around initial public offerings (IPOs) persists as selling pressure in the secondary market continues

The benchmark Nifty 50 ended at 22,796 on Friday, its lowest close since June 5. Technical analysts say the market remains in a downward trend after breaking key support at 22,800. They stress that holding above 22,500 is crucial to avoiding steeper losses. “With the key support level of 22,800 breached, the decline may continue. The next critical support to watch is 22,500, while resistance levels stand at 23,000 and 23,200. We expect Nifty to trade within the 22,500-23,200 range over the coming week,” said Gaurav Garg, research analyst at Lemonn Markets Desk. A note from Bajaj Broking added, “A