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Momentum readings like the 14-day RSI too remain in decline mode after declining sharply from overbought levels on Wednesday. Nifty would need to cross the recent highs of 21,593 to reverse the current downtrend. Crucial supports to watch for re-emergence of weakness are at 21,232, Subash Gangadharan of HDFC Securities said.

The IPO comprises a fresh issue of up to Rs 160 crore and an offer for sale of up to 1 crore equity shares. Under the OFS, Peak XV Partners will sell 50 lakh shares, Bisque Ltd will offload 49 lakh shares and Link Investment Trust will give up 75,174 shares. The company proposes to utilise the net proceeds from the offer towards funding capital expenditure towards the establishment of new centers, working capital requirements, and general corporate purposes.

The Nifty Bank fell from 48,143 as on 15th December 2023 to 47,491 recorded on 22 December 2023, which translates into a fall of 1.3% in a week. The Nifty50 closed with gains of 94 points at 21,349 on Friday.

The Relative Strength Index of the stock stood at 39.22 on Friday.

The stock quoted a 52-week high of Rs 731.9 and a 52-week low of Rs 412.0.

As of 30-Sep-2023, promoters held 46.09 per cent stake in the company, while FIIs held 20.01 per cent and domestic institutional investors had 17.26 per cent.

A total of 172,371 shares changed hands on the counter till time (IST).

Personal and household goods sector lost 0.6%, as Adidas and Puma fell 6.1% and 4.4%, respectively, after U.S. peer Nike cut its annual sales forecast.

Despite a fall in the GMP, the stock will likely debut with a bumper premium of over 80% if the current trends sustain. The listing date will likely be December 27.

Mumbai-based Credo Brands has garnered Rs 165 crore from marquee anchor investors ahead of its issue launch.