Street Signs: Nifty support seen at 19,600, Buyback cushion for TCS & more

Shares of IRM Energy, a gas distributor, were commanding a grey market premium of close to 13 per cent ahead of its Rs 544 crore initial public offering (IPO)

Defying odds at 19,600: A rocky start, but smooth sail ahead

Despite a turbulent start due to the Israeli-Palestinian conflict, the benchmark National Stock Exchange Nifty managed to eke out a half-per cent gain last week. While the 50-share index fell during the past two trading sessions, strong buying emerged around the 19,600–19,650 levels. Technical analysts believe that as long as this zone is protected, the market may not fall significantly. “The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market; until then, a