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Nifty could continue to trend lower and experience sharp swings this week as geopolitical tensions in West Asia persist, with no clarity on a definitive resolution yet. Nifty 50 once again closed below 23,000 on Friday, and trading below this level could drag the index to 22,500–22,400 zone, according to analysts.DHARMESH SHAH HEAD OF TECHNICAL RESEARCH, ICICI SECURITIESWhere is Nifty headed? For a meaningful pullback to materialise, Nifty must reclaim its short-term moving average (23,800) and establish a ‘higher high–higher low’ pattern on weekly chart in the upcoming truncated week. Failure to do so means the possibility of a prolonged correction cannot be ruled out, wherein critical long-term support is placed in 21,900–21,700 zone. Our support is based on the following observations: a) Past 25 years’ data suggest that there have been eight occasions where bull market corrections were arrested, with an average decline of 17%. b) Since 2003, on multiple occasions, Nifty has respected the long-term 200-week EMA (barring 2008 and 2020), currently placed at 21,930. c) The April 2025 panic low is placed at 21,743. d) Whenever 85% of Nifty 500 universe trades below their 50- and 200-SMAs, and the net daily advance-decline suggests that only 30 stocks are in positive territory, it signals capitulation extremes. Post these extremes, the index has delivered a median rally of 23% in the subsequent 6–12 months. Trading Strategies: Option Strategy for April Buy 1 lot of 23,800 CE @ 322 Buy 1 lot of 21,800 PE @ 379 Sell 2 lots of 24,100 CE @ 230 Sell 2 lots of 21,500 PE @ 311 Total inflow is 381 points (Rs 24,765 per lot), which is the minimum profit if the index stays between 21,800 and 23,800. The maximum profit is 650 points (Rs 42,000 per lot) if the index closes at 24,100 or 21,500. The breakeven range is 20,800 on the downside and 24,800 on the upside. As long as Nifty trades within this range, the strategy remains profitable, with gains between Rs 24,765 and Rs 42,000 per lot. The approximate margin required is Rs 2,20,000. 129889357TOP PICKS FOR THE WEEK Bharti Airtel: Buy at Rs 1,790–1,845, Stop Loss at Rs 1,684, Target: Rs 2,032 Stock has rebounded from its key 20-month EMA, which has held as support in past corrections. After an ~18% fall over four months, it is showing a familiar correction pattern, offering a favourable risk-reward buying opportunity. DLF: Sell at Rs 523–535, Stop Loss at Rs 546, Target: Rs 502. Stock has been trading below all its key moving averages, indicating a negative short-term bias. Structurally, the stock has witnessed a multi-month support breakdown, with a lower high–lower low structure on the weekly time frame.RAHUL SHARMA HEAD - TECHNICAL & DERIVATIVE RESEARCH, JM FINANCIAL SERVICESWhere is Nifty headed? Nifty formed back-to-back doji candles on weekly charts, indicating indecision. Friday’s sell-off came on higher-than-average volumes, with FII shorts in the index at their highest level (2.79 lakh short) since the war began. India VIX has risen to sub-27 levels, suggesting continued gap openings. The daily trend remains down, with significant short additions seen on Friday in Nifty, Bank Nifty, and Midcap Nifty futures. Immediate support is at 22,471, below which the index could test 22,000. Resistance is placed at 22,900 and 23,200. Trading Strategies: Look to add Nifty ATM puts of next week’s expiry on a bounce back around 23,000 for downside targets of 22,470 and lower. Investors can look to add Nifty ETFs in the range of 21,700–22,000 if the correction extends this week. TOP STOCKS FOR THE WEEK Reliance Industries: Sell at CMP Rs 1,348, Stop Loss at Rs 1,380, Target: Rs 1,310/1,280 A bearish breakdown was seen on daily charts on Friday, along with a rise in volumes. Bharti Airtel: Buy at CMP Rs 1,843, Stop Loss at Rs 1,795, Target: Rs 1,900/1,950 A bullish divergence was seen on daily charts relative to Nifty in the last two weeks, along with a rise in volumes on Friday.DHUPESH DHAMEJA DERIVATIVES ANALYST, SAMCO SECURITIESWhere is Nifty headed? The index remains in a lower high–lower low formation, with rebounds being sold into and the short-term trend firmly bearish. Nifty faced rejection near its 10-DEMA and has breached the 22,950–23,000 support zone, now acting as resistance. Weak momentum (RSI below 40) and elevated India VIX near 26.8 point to continued volatility and downside risk. As long as Nifty stays below 23,000, the bias remains negative with targets of 22,500 and 22,200. A sustained move above 23,000– 23,100 could trigger short covering towards 23,400–23,500. Trading Strategies: Adopt a sell-on-rise approach near 22,900–23,000 with a stoploss above 23,100, aiming for 22,600–22,500 on the downside. At the same time, options traders can deploy a Bear Call Spread (sell 22,500 CE and buy 25,800 CE of the 07 April 2026 expiry) to benefit from overhead resistance and limited risk exposure.TOP STOCKS FOR THE WEEK Ather Energy: Buy at CMP Rs 796, Stop Loss at Rs 748, Target: Rs 880 Ather Energy is showing strong bullish momentum after breaking above its previous all-time high zone of Rs 780–790 and hitting fresh highs, signalling trend continuation. The stock continues to form a higher high–higher low structure, indicating sustained buying interest. Emcure Pharma: Buy at CMP Rs 1,652, Stop Loss at Rs 1,540, Target: Rs 1,840 Stock shows a strong bullish continuation after breaking above the Rs 1,580 resistance, a key supply zone. It continues to form a higher high–higher low structure, indicating a strengthening trend and accumulation. The breakout is backed by improving participation, signalling demand-driven price action and reinforcing the uptrend.

ET Intelligence Group: In a fiscal year when finance sector indices struggled to deliver returns, newly-listed firms from the sector drove record fundraising in the primary market. Together, they raised ₹49,795 crore through initial public offerings (IPOs)-the highest annual tally for the sector in a decade, surpassing the ₹42,283 crore mobilized over the previous six years combined. Financial services companies accounted for 28% of the ₹1.8 lakh crore raised by 109 mainboard firms in FY26, marking the strongest year ever both in terms of the number of issuances and total proceeds, which increased 9% year-on-year. The total sample covers companies listed between April 2025 and March 2026 across the NSE and BSE main boards.129889255 The year's two largest IPOs were from the finance sector: Tata Capital (₹15,512 crore) and HDB Financial Services (₹12,500 crore). They, together with ICICI Prudential AMC (₹10,603 crore) and Groww, or Billionbrains Garage Ventures, (₹6,632 crore), accounted for 26% of the total IPO mop-up. This highlights the sector's role in sustaining primary market momentum despite weak secondary market sentiment. The BSE Financial Services index slipped over 1% while the Sensex fell nearly 5% during the year, weighed down by concerns over the conflict in West Asia. Apart from financial services, major sectors that raised IPO money in FY26 include consumer durables (₹17,522.9 crore), capital goods (₹10,740.3 crore), and fast-moving consumer goods (₹9,374.5 crore). The other big IPOs during FY26 were by LG Electronics, which raised ₹11,607 crore, Lenskart Solutions (₹7,278.8 crore), and Meesho (₹5,421 crore). The top 10 IPOs collected ₹81,063 crore, forming 46% of the total IPO kitty in FY26. In FY25, the top 10 IPOs collected ₹92,680 crore or 57% of the total IPO sum of ₹1.6 lakh crore.

New Delhi: The Centre has firmed up the rules under all four labour codes and could notify them shortly for implementation in April, officials said.A senior government official told ET that the labour and employment ministry has finalised the rules and these will be notified soon after vetting by the law ministry. The four codes-the Code on Wages, the Code on Social Security, the Industrial Relations Code, and the Occupational Safety, Health and Working Conditions Code-have streamlined India's regulatory framework by consolidating 44 labour laws to 29 provisions.The government had notified the labour codes with effect from November 21, 2025, and had put out the draft rules across the 4 codes in public domain for consultation as mandated by law.Views were received till January, after which they were considered by the ministry to finalise the rules in the central sphere.The rules, once notified, will pave the way for social security for unorganised workers, including gig and platform workers, mandatory annual health check-up for workers above 40 years, statutory minimum wages for all and unemployment benefits, etc.The government will immediately set up a social security fund to extend comprehensive social security coverage to 400 million unorganised workers.

KOLKATA/NEW DELHI: Indian gold and jewellery retailers are taking a sharp hit from the escalating West Asia conflict, with sales in key Gulf markets falling by as much as 70% in March compared with a year earlier, according to industry executives.Chains such as Malabar Gold & Diamonds, Kalyan Jewellers, Joyalukkas and Titan Company's Tanishq, which together command a significant presence in the region, are witnessing weak footfall and cautious spending, even as most stores remain open in markets such as the UAE.In a region estimated to be a $2 billion jewellery market, Indian players account for about half of total sales. While festive demand around Eid provided some support in relatively less affected pockets such as Saudi Arabia, companies say expansion plans in the Gulf have been put on hold indefinitely amid prolonged uncertainty.Also Read: JICA plans to scale up private investment operations in IndiaIn an email response to ET, Titan Company said that while many Damas and Tanishq UAE stores are open on most days, consumer sentiment and sales were adversely impacted during March, although Eid sales in less affected markets such as Saudi Arabia and the UAE were reasonably strong. "While retail expansion plans are currently impacted, our transformation journey continues without any let-up," it said.Tanishq has 13 stores in the GCC region and Mia has one store. Titan acquired a 67% stake in Middle East jewellery company Damas last year, which operates 123 stores across the GCC.Joy Alukkas, chairman of the Joy Alukkas Group, which has 50 stores across the UAE, Oman, Qatar, Bahrain, Kuwait and Saudi Arabia, said, "The first week after the war broke out, the situation was at its worst. Now, while stores are open, volume offtake has been hit. People are buying more gold coins and bars rather than jewellery due to a drop in gold prices."ET emailed Kalyan Jewellers and Malabar Gold & Diamonds, both of which have a significant presence in the GCC, to assess the impact of the US-Iran conflict on their operations in Gulf countries, but neither company responded.Also Read: Banks told to use Grameen Credit Score to assess rural borrowersAshish Garg, board director at the Dubai Gold & Jewellery Group, said tourists, Asian expatriates and Arab expatriates are the primary buyers of gold and diamond jewellery. "Tourists are not coming because of the current geopolitical situation. Asian expatriates are the major buyers for Indian retail chains, but they are holding back purchases. Mostly, bullion buying is happening among them. Indian retail jewellers do not cater as much to Arab expatriates, as they prefer different design aesthetics," he said.Indian jewellery chains are exploring the US and the Far East as alternative markets to route jewellery from their GCC operations, in an attempt to offset some of the lost business."Expansion in the Gulf region - our most crucial global market - is on hold indefinitely, as there is no clarity on when the situation will improve. Even if conditions begin to normalise in India, buying sentiment in West Asia remains depressed," said an executive at one of India's largest jewellery retail chains.According to analysts, gold and jewellery remain the largest Indian consumer sector by value sales dependent on West Asia, contributing an average of 20-25% annually. While packaged consumer goods makers such as Reliance Consumer Products, Marico, Dabur and Godrej Consumer Products also have significant businesses in the region, their combined contribution by value is smaller.

Following the government’s decision to bar households with piped natural gas (PNG) connections from retaining or obtaining subsidised domestic LPG, around 6,000 PNG users have surrendered their LPG connections as of March 28. Petroleum and Natural Gas Secretary Neeraj Mittal, speaking on Sunday, thanked those who have given up their LPG connections and urged more PNG consumers to follow suit so cylinders can be made available to households without piped gas access. “Join this strong group of do-good citizens who have come forward to give up LPG to help those who don’t have PNG. Give up yours today,” Mittal said in a post on X. On March 14, the Ministry of Petroleum and Natural Gas amended the Liquefied Petroleum Gas (Regulation of Supply and Distribution) Order, 2000, under the Essential Commodities Act. The revised rules make it mandatory for households with PNG connections to surrender their domestic LPG connections.— neerajmittalias (@neerajmittalias) The order also bars government oil companies and their distributors from issuing new LPG connections or refilling cylinders for consumers who already have PNG supply. It states that such consumers must immediately surrender their LPG connections and cannot apply for new ones. The move aims to prioritise LPG availability for households that do not have access to piped gas. India imports about 88% of its crude oil, 50% of its natural gas and 60% of its LPG requirements. Before the recent escalation involving US-Israel strikes on Iran and Tehran’s retaliation, a significant share of these imports came from West Asia, including countries such as Saudi Arabia and the UAE. The ongoing conflict has disrupted supplies due to a blockade of the Strait of Hormuz, a key transit route for Gulf energy exports. While India has partly offset crude disruptions by sourcing oil from countries like Russia, gas supplies to industrial users have been curtailed and LPG availability for commercial establishments has been reduced. In response, gas allocation has been prioritised for households and transport, with full supply to PNG and CNG users. Industrial and commercial consumers are receiving around 80% of their usual supply, while fertiliser plants are operating at 70–75% capacity, with additional LNG cargoes being arranged. The government has also accelerated the expansion of city gas distribution networks by easing approvals and promoting a shift from LPG to PNG. More than 2.9 lakh new PNG connections were added in March alone. Companies such as Indraprastha Gas, Mahanagar Gas, GAIL Gas and BPCL are offering incentives to encourage PNG adoption. Despite geopolitical disruptions, LPG deliveries remain stable, with no reported shortages. Daily refill deliveries have crossed 55 lakh cylinders, and measures to curb diversion have been tightened. Commercial LPG supply has been restored to around 70% of pre-crisis levels, with priority given to hospitality, food services and key industries. To manage supply, the government has increased kerosene allocations to states and intensified action against hoarding and black marketing, conducting around 2,900 raids and seizing nearly 1,000 cylinders in recent days. States have been directed to enhance monitoring, hold daily briefings, counter misinformation and fast-track approvals for gas infrastructure. The government has also urged the public not to believe rumours. Consumers in areas with PNG access, including those in rented homes, will be required to transition, with officials treating gas as a basic utility similar to electricity and water. Around 60 lakh consumers are estimated to be eligible for the shift, with about 2.2 lakh already having moved from LPG to PNG in recent days. The government is targeting 12.6 crore PNG connections by 2032 as part of its push to expand city gas distribution networks.