Street signs: Nifty's Rubicon of resistance, audit panel's empty seat, more

The Nifty ended its six-week losing streak last week, rising about 1 per cent to close at 24,631. Technical analysts say the market’s next move will depend on critical support and resistance levels. Bajaj Broking Research notes that the index is consolidating within a narrow range of 24,350 to 24,750. Immediate resistance appears around 24,700–24,750, representing the high of the past two weeks. A decisive break above 24,750 could push the Nifty towards the psychological 25,000 mark. On the downside, strong support lies at 24,337, with further weakness potentially dragging the index down to the 24,200–24,000 zone, which coincides with the 200-day exponential moving average and a recent breakout level. Ventura Securities identifies resistance near 24,600, with defined sell zones at 24,850–25,007 and 25,165–25,252. Sustaining above 25,252 could pave the way for further gains towards 25,340 and 25,670. 

 

IPO engines burn rubber after the weekend

 

Market activity is set to pick up after the Independence Day weekend with five initial public offerings (IPOs) this week, collectively raising nearly ₹3,600 crore. Despite broader market weakness, grey market premiums for these listings range between 10 and 20 per cent. Leading the pack is Vikram Solar, whose ₹2,079 crore IPO commands the highest premium of nearly 20 per cent. Grey market premiums for Gem Aromatics (₹451 crore), Shreeji Shipping Global (₹411 crore), and Patel Retail (₹242 crore) are at 12 per cent, 10 per cent, and 13 per cent, respectively. Regaal Resources’ ₹306 crore IPO saw a remarkable 160x subscription and is expected to list with gains of around 25 per cent, while BlueStone Jewellery and Lifestyle may open flat following a tepid investor response. 

 

Audit panel’s empty seat: A year of waiting

 

For nearly a year, the audit committee of the Securities and Exchange Board of India (Sebi) has functioned without any external or independent members. The committee is currently chaired by a whole-time member (WTM), following the departure of Professor V Ravi Anshuman, who had served as Chair during his tenure as a part-time member. According to Sebi’s 2024-25 annual report released last week, Anshuman’s term ended on August 19, 2024, and no external replacement has been appointed since. Traditionally, the audit committee reviews Sebi’s financial statements and engages with both management and internal auditors. The report confirms that the committee now consists solely of WTMs, whereas previously, Anshuman and former finance secretary Ajay Seth had served as external members on the three-member panel. While regulations do not strictly mandate external members, senior regulatory experts say independent members are considered best practice for strong governance and unbiased oversight. An informed source indicated that Sebi is currently “awaiting” the appointment of a new external member.