After a brief period of stabilisation in the region of 16,400-16,800, the index will be poised to move higher. As a result, a slight degree drop to 16,450-16,400 could be viewed as a new purchasing opportunity. The Nifty is projected to test 17,000 in the short term if it rises above 16,800, according to Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas.
Given the ruble's recent depreciation, India prefers a variable exchange rate to the fixed one established by the two countries three decades ago.
Paytm's stock dropped 12% to $685 per share early Monday, a drop of over 70% from its IPO price of $2150 per share.
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