BSE shares fell 3 percent on Friday, snapping gains from the previous session, after the National Stock Exchange (NSE) announced the price band for its upcoming initial public offering (IPO).
The BSE stock has declined in three of the last four sessions and is now hovering near a key support zone, according to analysts. A decisive breach of this level could trigger fresh selling pressure, they added.
The NSE IPO will open for subscription on September 17 and close on September 21. Bidding by anchor investors will take place on September 16. The price band has been fixed at Rs 1,700-1,785 per share.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said BSE has been consolidating in the 3,474-3,132 range since August 17.
"The falling ADX indicates a lack of trend strength, while the MACD line remains below the zero line, pointing to weak momentum," Shah said.