Street signs: Nifty clings to 24K lifeline, bumper listing eyed for Waaree

Notwithstanding market selloff, shares of solar panel maker Waaree Energies are expected to soar close to 90 per cent during their trading debut on Monday

Market Mayday: Nifty clings to 24K lifeline

 

The benchmark National Stock Exchange Nifty 50 has shed nearly 2,100 points, or 8.6 per cent, from its peak, closing last at 24,181. Technical analysts assert that the trend has shifted from buy-the-dip to sell-on-rally, with 24,000 identified as a crucial support level. “A decisive break below 24,000 could deteriorate the outlook. If a rebound occurs, 24,500 will now act as a strong resistance level. Traders should adopt a sell-on-rise strategy, as most sectors and broader indices remain under pressure,” said Ajit Mishra, senior vice-president of research at Religare Broking. Vinay Rajani, senior