Business News

Both daily and weekly technical charts indicate a continuation of the current bullish market trend, with Nifty expected to rise to 23,400–23,800 range, according to technical analysts. Stocks like ICICI Bank, SBI, Mphasis, Reliance Industries, Oberoi Realty, DLF, JSW Steel, Tata Steel, PFC, Bharti Airtel, and BHEL have formed bullish patterns, presenting potential short-term trading opportunities for investors.RAJESH PALVIYA HEAD - TECHNICAL DERIVATIVES, AXIS SECURITIESWhere is Nifty heading this week? On weekly chart, the index has formed a long bullish candle. The FII long-short ratio stands at 0.47, indicating short-covering by FIIs. The index has closed above the declining channel from its all-time high of 26,277 on weekly chart, signaling the potential for further upward movement towards 23,800 and 24,000. On the downside, support levels are placed at 23,000 and 22,800. A breakout above 23,450 could trigger new buying, driving the index towards 23,800- 24,000 range. Conversely, a drop below 23,000 may bring selling pressure, potentially pulling the index down to 22,800-22,600 range. What should investors do? Investors can focus on stocks like BPCL, NTPC, Tata Power, Bajaj Finance, HAL, L&T, Indigo, and ICICI Bank. Traders can initiate a Bull Call Spread strategy of March 27 weekly expiry – buying one lot of 23,350 Calls at Rs 141 and simultaneously selling one lot of 23,600 Calls at Rs 41. Net outflow or maximum loss will be restricted at Rs 7,500. Nifty on expiry if it closes above 23,450, the strategy will start making a profit; however, as the risk is limited, the profit is also limited. The maximum gains will be restricted at Rs 11,250 as the gains of long 23,350 strike Calls will be offset by the sold 23,600 strike Calls if Nifty closes above 23,600 on expiry.NAGARAJ SHETTI SENIOR TECHNICAL ANALYST, HDFC SECURITIESWhere is Nifty heading? Sharp upside momentum continued for the fifth consecutive session on Friday and Nifty closed higher. A long bull candle was formed on the daily chart with a minor upper shadow. This chart pattern indicates a continuation of sharp upside momentum in the market. The initial hurdle of a down-sloping trend line has been broken decisively on the upside around 23,000 and 23,200 as per daily and weekly charts, respectively. A long bull candle was formed on the weekly chart with gains of around 4.25%, which is the highest week-onweek gains since 2021. What should investors do? A decisive upside breakout of weekly resistances of 23,400 could open the next upside target of 23,800 and higher in coming week. However, any consolidation or minor dip from here could be a buying opportunity down till 23,000 levels. Stocks such as ICICI Bank, SBI, Mphasis, Reliance, Oberoi Realty, DLF, JSW Steel, Tata Steel, BPCL, HPCL, REC and PFC have formed bullish patterns on charts.AJIT MISHRA SVP-RESEARCH, RELIGARE BROKINGWhere is Nifty headed? Nifty’s recent breakout from the 22,250-22,650 range has propelled it to a crucial resistance level around 23,400. A decisive move beyond this level could set the stage for further gains towards 23,800-24,100 zone. On the downside, 22,750- 23,000 is expected to provide strong support. What should investors do? With no major domestic economic events scheduled, focus will remain on the expiry of March derivatives contracts and FII activity. The US markets will be closely watched. Participants are advised to adopt a “buy on dips” strategy, focusing on sectors that have demonstrated consistent strength. Banking, financials, metals, and energy stocks remain preferred picks, while selective opportunities can also be explored in PSU and auto stocks. Given the sharp rebound in broader markets, midcap and smallcap stocks may offer potential trading opportunities, though aggressive positioning should be avoided. Traders can consider stocks such as Bharti Airtel, BHEL, Chambal Fertilisers, HDFC Bank, IOC, Kotak Bank, NHPC, and Sail for short-term trading opportunities.

A revolutionary new technology comes along and infatuates investors with its seemingly limitless possibilities. Euphoria sparks a stock market rally. Eventually things get overheated and share prices become ridiculous. Then it all collapses.Sound familiar?It happened exactly 25 years ago when the roughly five-year dot-com bubble popped, leaving trillions of dollars of investment losses in its wake. On March 24, 2000, the S&P 500 Index posted a record level it wouldn't see again until 2007. Three days later, the tech-heavy Nasdaq 100 Index also closed at an all-time high, the last time it would do that for more than 15 years.Those peaks marked the end of an electric run that started with the blowout initial public offering for Netscape Communications Corp, which started trading in August 1995. Between then and March 2000, the S&P 500 would almost triple, while the Nasdaq 100 soared 718%. And then it ended. By October 2002, more than 80% of the Nasdaq's value was gone, and the S&P 500 was essentially cut in half.Echoes of that era are reverberating now. The technology this time is artificial intelligence. After a wild stock market rally that sent the S&P 500 soaring 72% from its trough in October 2022 to its peak last month, adding more than $22 trillion of market value in the process, signs of trouble are emerging. Stocks are starting to sink, with the Nasdaq 100 losing more than 10% to fall into a correction and S&P 500 briefly dropping to that level. And the symmetry is raising frightening memories from a quarter century ago."Investors have two emotions: fear and greed," said Vinod Khosla, billionaire venture capitalist and co-founder of Khosla Ventures, who was a key rainmaker during the internet boom and remains one today. "I think we've moved from fear to greed. When you get greed, you get I would say indiscriminate valuations."Difference Of DegreesThe main difference between the dot-com and AI eras, however, is degrees. The most recent boom has been eye-popping, but it pales in comparison to the extremes of the internet bubble."The internet was such a big idea, had such a transformative impact on society, on business, on the world, that those who played it safe generally got left behind," said Steve Case, the former chairman and CEO of AOL. "That leads to this kind of focus on massive investments to make sure you're not left behind, some of which will work, many of which won't work."

With Chief Justice of India Sanjiv Khanna constituting a three-member panel to probe the discovery of "four to five semi-burnt sacks" of Indian currency notes after a fire incident at the residence of Delhi High Court judge Yashwant Varma, the in-house procedure has entered the crucial second-stage whose findings will decide the fate of the judge. The fire incident at the storeroom of the official residence of Justice Varma on March 14 in posh Lutyens' Delhi locality purportedly led to the discovery of the cash by firefighters and police personnel. The CJI constituted the three-member panel after the Delhi High Court Chief Justice Devendra Kumar Upadhyaya in his report dated March 21 and made public on Saturday evening called for a "deeper probe" into the allegations. The three-member inquiry committee formed by the CJI consists of Justices Sheel Nagu (Chief Justice of the Punjab and Haryana High Court), G S Sandhawalia (Chief Justice of the Himachal Pradesh High Court) and Karnataka High Court judge Anu Sivaraman. However, no timeline has been fixed for the inquiry committee to conclude the probe. In 2014, while dealing with a case of alleged sexual harassment of a subordinate court judge in Madhya Pradesh at the behest of a sitting judge of the high court, the top court laid down the in-house procedure meant to probe the allegations against a judge of the constitutional courts. It said in the first stage of the in-house procedure, the prima facie veracity of the allegations contained in the complaint is ascertained. "If so, whether a deeper probe is called for. The first stage does not contemplate an in-depth examination of the allegations. It requires merely an assessment based on the contents of the complaint, and the response of the concerned judge. "All that the Chief Justice of the High Court is required to do, is to determine whether a deeper probe is required. This is to be done, on the basis of a logical assessment made on a consideration of the response of the concerned Judge (with reference to the allegations levelled in the complaint)," it had said. The top court had said it is the "second stage of the in-house procedure" relating to sitting judges of high courts which could lead to serious consequences. The second stage is monitored by none other than the CJI, it had said. Only if the Chief Justice of India endorses the view expressed by the Chief Justice of the high court, that a deeper probe is called for, he would constitute a "three-member Committee", and thereby take the investigative process to the second stage. This committee will comprise two Chief Justices of the High Courts (other than the concerned High Court), besides a Judge of a High Court. The second stage postulates a deeper probe, it had said. The top court had said even though the three-member panel is at liberty to devise its own procedure, the inherent requirement provided for is that the procedure evolved should be in consonance with the rules of natural justice. "Herein, for the first time, the authenticity of the allegations is to be probed on the basis of an inquiry. "The incumbents of the three-member Committee would have no nexus with the concerned judge. Not only would the concerned judge have a fair opportunity to repudiate the allegations levelled against him, even the complainant would have the satisfaction that the investigation would not be unfair. The in-house procedure was devised to ensure exclusion of favouritism, prejudice or bias," it had said. The top court had also enumerated different steps that are to be followed during the in-house procedure for probing into the allegations against a sitting high court judge. It said on the culmination of the inquiry, conducted by the panel, it shall record its conclusions and a report be furnished to the CJI. The top court had said that the report of the panel could lead to one of the following conclusions -- that, there is no substance in the allegations levelled against the concerned judge; or that there is sufficient substance in the allegations levelled against the judge. "In such eventuality, the three-member Committee, must further opine, whether the misconduct levelled against the concerned Judge is so serious, that it requires initiation of proceedings for the removal of the concerned Judge; or that, the allegations contained in the complaint are not serious enough to require initiation of proceedings for the removal of the concerned Judge," it had said. The top court had said if the panel arrives at the conclusion, that the misconduct is not serious enough for initiation of proceedings for the removal of the judge concerned, the CJI would advise the judge, and may also direct, that the report of the panel be placed on record. "If the three-member Committee has concluded, that there is substance in the allegations, for initiation of proceedings, for the removal of the concerned judge, the Chief Justice of India shall proceed as under:- (i) The concerned judge will be advised, by the Chief Justice of India, to resign or to seek voluntary retirement. (ii) In case the concerned Judge does not accept the advice of the Chief Justice of India, the Chief Justice of India, would require the Chief Justice of the concerned High Court, not to allocate any judicial work, to the concerned Judge," the top court had said. Making an exception in this case, CJI Sanjiv Khanna had asked the Delhi High Court chief justice not to assign any judicial work to Justice Varma for the time being. The 2014 verdict said that in the eventuality of the judge concerned not abiding by the advice of the CJI to resign, then the CJI would intimate the President of India, and the Prime Minister of India, of the findings of the three-member Committee, warranting initiation of proceedings for his removal. The 25-page inquiry report of Justice Upadhyaya, uploaded on the apex court's website, contains two short notes in Hindi that mention that after the fire at the storeroom of Justice Varma's residence on March 14 was doused, four to five half-burnt sacks containing currency notes were found. The report said prima facie, it seemed that a short-circuit had led to the fire. The video, also shared by Delhi Police Commissioner Sanjay Arora with Justice Upadhyaya, clearly shows burnt cash and firefighters dousing the flames. Justice Varma has, in his response, strongly denounced the allegations and said no cash was ever placed in the storeroom either by him or any of his family members.