Street signs: Nifty around key support zone, FPIs step up selling, and more

Nifty around key support zone

The benchmark Nifty is hovering around the key support zone and a further dip of less than 2 per cent could trigger a sharp fall, say technical analysts. The benchmark index on Friday closed at 17,102. "Trading below 17,000 may trigger further weakness up to 16,800-16,700," says Amol Athawale, deputy vice-president, Technical Research, Kotak Securities. “The immediate supports for Nifty are placed around 16,800, followed by 16,600,” adds Ruchit Jain, lead research, 5paisa.com. On two past occasions, the Nifty has managed to rebound sharply from the 16,900-17,000 zone.

FPIs step up selling in January

Foreign portfolio investors (FPIs)