Business News

Technical charts suggest a short-covering rally in Nifty this week amid a decline in the dollar index and crude oil prices, according to analysts. The index is likely to move towards 22,900–23,100 zone in the short term. Stocks such as Bank of Baroda, NTPC, Kotak Bank, HDFC Bank, SRF, ABB, Siemens, BPCL, Ceat, Cipla, Navin Fluorine, and Sun Pharma are expected to retain their positive momentum, analysts said. JATIN GEDIATECHNICAL RESEARCH ANALYST, MIRAE ASSET SHAREKHANWhere is the Nifty headed? Nifty is all set for a short covering rally. The index on hourly-chart has formed a five-wave advance from the lows of 21,964 to the recent high of 22,677. Post the 700-point rally, the index has been consolidating and absorbing the selling pressure around the 50% Fibonacci retracement level (22,300). We expect the next set of fi ve wave advances to unfold during the week which could take Nifty towards 22,900– 23,100 zone. The outlook is bullish because the Nifty is not reacting adversely to the fall in the US markets and an unsystematic risk arising after a disclosure from a private bank in India. A fall in the dollar index, and continuous decline in crude price also auger well for emerging markets. What should investors do? Traders should actively look out for stocks showing relative outperformance over the last couple of weeks. Sectorally, CPSE, FMCG, metals, and pharma are looking positive from a short-term perspective. Bank of Baroda, NTPC, Ceat, Cipla, Coromandel International, EIH, MCX, MRPL, Navin Fluorine, Power Grid, and Sun Pharma are some of the stocks that have shown relative outperformance and are likely to witness continuation of positive momentum. 119093452PRITESH MEHTA EXECUTIVE VICE PRESIDENT – RESEARCH, YES SECURITIESWhere is the Nifty headed? Nifty struggled for direction yet showed resilience amidst ongoing weakness in US indices. Immediate support is seen around the midpoint of the current three-digit Gann channel (i.e., 22,150). Indian indices have witnessed a seasonal pattern—March tends to be the most opportune time to buy. After last week’s pause, we expect resumption for a potential move towards 22,900. What should investors do? With broader markets like Nifty Midcaps and Smallcaps 100 indices showing relative and absolute weakness, sticking with large-cap names would be ideal. The ratio of the Financials Services index vs Nifty on the pointand-fi gure (P&F) chart is witnessing anchor columns follow through, implying strength in fi nancials. Financials Services index rallied 0.7% the previous week, outpacing other key indices. Within the space, Chola Fin and Bajaj Finance are forming multiple bullish patterns, expecting a rally of 10% in next few weeks. Signs of relative strength are also seen in NTPC, BPCL, and BEL JATIN GEDIA, against Nifty.SACCHITANAND UTTEKAR VP-TECHNICAL & DERIVATIVES, TRADEBULLS SECURITIESWhere is the Nifty headed? While the broader market remains supportive, Nifty needs to establish a sustained close above 22,710 to confirm bullish momentum. Options data indicate a firm range between 22,200 and 22,700 for the week which could see an upward shift, implying a rally towards the major trend reversal confirmation breakout zone above 23,040– which would amplify buying signal and a sentiment shift. What should investors do? With infl ation cooling, both globally and locally, along with strong industrial growth and an upgraded GDP forecast, macroeconomic conditions favour a bullish market outlook. Investors should consider building aggressive long positions once Nifty sustains a close above 22,710–which would confi rm bullish momentum. Avoid a sell-on-rise strategy, as the market seems to be on the cusp of a turnaround. If a pullback occurs, it should be seen as a buying opportunity. Top picks for investors at this junction are Kotak Bank, HDFC Bank, SRF, ABB, Siemens, Indigo, Voltas, Varun Beverages, Escorts Hero Motocorp, Chambal Fertilisers, Home First Finance and Jio Financial Services.

US President Donald Trump and Russian counterpart Vladimir Putin are expected to speak this week, officials said on Sunday, as Washington and Kyiv's European allies press Moscow to accept a ceasefire in the three-year war.The United States this week proposed a halt in fighting in the war after talks in Saudi Arabia, with Kyiv accepting the proposal.Putin however has given no clear answer, instead listing a string of conditions and raising "serious questions" over the proposition.Trump's envoy for the conflict, Steve Witkoff, who met for several hours with Putin days ago, told CNN in a televised interview that he thinks "the two presidents are going to have a really good and positive discussion this week."Earlier the Moscow said that US Secretary of State Marco Rubio called his Russian counterpart Sergei Lavrov and that the pair had discussed "concrete aspects of the implementation of understandings" at a US-Russia summit in Saudi Arabia last month. Ukraine's Volodymyr Zelensky on Saturday accused the Kremlin of not wanting to end the war and warned that Moscow wanted to first "improve their situation on the battlefield" before agreeing to any ceasefire. The February Riyadh gathering was the first high-level meeting between the United States and Russia since Moscow launched its invasion in February 2022. "Sergei Lavrov and Marco Rubio agreed to remain in contact," the Russian foreign ministry said, with no mention of the US-suggested ceasefire.State Department spokeswoman Tammy Bruce said Saturday that the pair had "discussed the next steps" on Ukraine. She also said Rubio and Lavrov "agreed to continue working towards restoring communication between the United States and Russia".The Lavrov-Rubio call came hours after the UK hosted a virtual summit on Ukraine, with Prime Minister Keir Starmer accusing Putin of "dragging his feet" on the ceasefire. "The 'yes, but' from Russia is not good enough," Starmer said, calling for a stop to the "barbaric attacks on Ukraine once and for all".Kyiv the next day said Russia launched 90 Iranian-made Shahed drones onto nine Ukrainian regions. - Zelensky says Putin 'lying' -In his reaction to the ceasefire earlier this week, Putin said the initiative would benefit primarily Ukraine and not Russian forces, who he said are "advancing" in many areas.He raised "serious questions" over the initiative. The proposal came as Russia -- which occupies swathes of southern and eastern Ukraine -- has had momentum in some areas of the front.It has ousted Ukrainian forces from parts of its Kursk region, where Kyiv hopes to hold onto Russian territory as a potential bargaining chip in any future negotiations. Putin said he wanted to discuss Moscow's concerns with Trump in a phone call. Zelensky said Saturday that by not agreeing to the ceasefire, Putin was also going against Trump -- who has made overtures towards Russia -- and accused Moscow of trying to find ways not to end the war. He accused Putin of "lying about how a ceasefire is supposedly too complicated". Ukraine said Sunday that one person was killed by a Russian drone strike on the city of Izyum -- in the Kharkiv region, which fell to Russia at the start of its Ukraine invasion before being retaken by Kyiv's forces.