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Domestic benchmark indices closed sharply lower on Friday amid broad-based selling, with losses most pronounced in consumer, IT and energy stocks. The Nifty settled at 25,471.10, down 336 points or 1.30%, while the BSE Sensex plunged 1,048.16 points, or 1.25%, to finish at 82,626.76.After back-to-back correction, the setup for Nifty has turned relatively cautious, with the index slipping below its 20DMA for the first time in the past few sessions. The 50-stock index is now trading below the key support level of 25,500, suggesting a weak near-term bias.Indian markets will look for fresh triggers with the earnings season ended this week. With this, analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ETMarkets regarding the outlook for the Nifty and Bank Nifty, as well as an index strategy for the upcoming week. The following are the edited excerpts from his chat:Q: Nifty closed 0.8% lower this week largely hit by the debacle in IT stocks. What are the cues for traders and investors for next week's trade?Last week, the benchmark index Nifty once again failed to sustain above the psychologically 26,000 mark, triggering a sharp bout of profit booking. After touching a high of 26,009, the index corrected nearly 550 points in just the final two trading sessions of the week — a swift move that signals supply emerging at higher levels. While the fall may appear routine on the surface, the underlying drivers of this correction tell a far more compelling story.The major drag during this phase came from the Nifty IT index, which plunged over 8% during the last week and is now down over 14% month-to-date, marking one of its sharpest recent declines. The sell-off was largely triggered by rising concerns over the rapid expansion of AI-driven start-ups, which are increasingly seen as disruptive to traditional IT service companies. The speed and intensity of the decline suggest that this may not be a simple pullback on the downside and that raises an important question about whether the worst is already priced in.From a technical perspective, the IT pack continues to flash strong warning signals. All the constituents of the Nifty IT index are trading below their key moving averages, firmly placed in a falling trajectory. Momentum indicators remain entrenched in bearish territory, with no visible signs of reversal. In such a setup, attempting bottom fishing could prove premature — unless the charts begin to tell a different story in the coming sessions.Coming back to Nifty, it has now slipped below its 20-day, 50-day and 100-day EMAs, indicating a clear deterioration in short and medium-term trend strength. More importantly, both the 20-day and 50-day EMAs have started to slope downward — a subtle yet powerful bearish signal. Adding to the caution, the daily RSI failed to reclaim the 60 mark during the recent pullback and has now slipped below its 9-day average, hinting that upside momentum may remain capped — at least for now.Going ahead, the 25,350–25,300 zone is likely to act as immediate support for the index. A sustained move below 25,300 could accelerate the correction towards 25100, followed by the crucial 24,900 mark. On the upside, the 50-day EMA zone of 25,650–25,700 level stands as a formidable hurdle.Q: What are important Nifty and Bank Nifty levels for next week's trade?Going ahead, for Nifty, the 25,350–25,300 zone is likely to act as immediate support for the index. A sustained move below 25,300 could accelerate the correction towards 25,100, followed by the crucial 24900 mark. On the upside, the 50-day EMA zone of 25,650–25,700 level stands as a formidable hurdle.For Bank Nifty, the 20 day EMA zone of 60000–59900 will serve as the immediate support area. A sustained move below 59900 may trigger further downside towards the 50 day EMA, currently placed at 59467. On the upside, the 60600–60700 band is expected to act as a crucial hurdle, and only a decisive close above this range may pave the way for a fresh up-move.Q: The view on IT stocks is mostly bearish though some analysts are taking a contra view on the sector, arguing in favour of long term promise and favourable-risk reward after the extended correction. Data suggests not a single stock has given positive returns over a two-year period. In light of this, what will be your advice to investors?Nifty IT witnessed a sharp sell-off last week, tumbling more than 8%, and is now down over 14% month to date, marking one of its steepest recent declines. The index has also slipped below its key support zones, signalling a clear deterioration in trend strength. With moving averages turning lower and momentum indicators firmly in bearish territory, the overall structure suggests that selling pressure may persist in the near term.All the constituents of the Nifty IT index are trading below their key moving averages, firmly placed in a falling trajectory. Momentum indicators remain entrenched in bearish territory, with no visible signs of reversal. In such a setup, attempting bottom fishing could prove premature — unless the charts begin to tell a different story in the coming sessions.Q: PSU Bank stocks appear to be a much more safe option as there is no direct link of the trade deal with the sector. What is your assessment and do you have stock recommendations?The PSU Bank index cracked nearly 6% on the budget day and slipped below its 50-day EMA, but the subsequent recovery has been very strong, with the index rebounding sharply and marking a fresh all-time high near 9295 on 12th Feb. Over the last one year, it has been the best performing index with gains of nearly 53%, which clearly highlights sustained sector leadership.Technically, the index continues to trade above key short- and long-term moving averages, keeping the broader trend bullish. The PSU Bank / Nifty ratio chart has also hit a new high and remains in a rising trajectory, indicating continued relative outperformance versus the broader market. The 8970–8950 zone remains a crucial support zone. As long as the index holds above this area, the bullish trend structure is likely to remain intact.At the stock level, Indian Bank and Union Bank of India are both consolidating in a defined range since mid-January after a strong prior upward move, suggesting a healthy pause. This kind of time correction typically sets up the next leg of the trend. A strong follow-through move and a decisive breakout above their respective consolidation ranges can lead to continuation of the upmove in both stocks.Q: India VIX was up 11% this week which brings opportunity for day traders in cash and derivatives market. How can traders utilize this?Since hitting 16.11 on the budget day, India VIX cooled nearly 35% over the next 10 sessions in line with the usual post-budget volatility drop, but historically volatility tends to rise again in the following weeks — in the last 15 budgets, VIX closed negative immediately after the event in 11 cases (avg −8.82%), yet turned positive in 8 of the following one-month periods with an average rise of 17%, and the current pattern looks similar.For traders, a rising VIX environment means bigger intraday ranges and faster price swings, so cash market day traders can focus on high-beta leaders and breakout/breakdown setups with smaller position sizing and quicker profit booking, while derivatives traders should avoid large naked positions due to higher premium risk and instead prefer defined-risk structures like debit spreads (bull call or bear put spreads) and hedged directional trades, which allow participation in movement while controlling downside if volatility expands further.Q: Which sectors or themes will be in your radar next week?Nifty Consumer Durables, Nifty Auto, Nifty Infrastructure, Nifty Manufacturing and Nifty Financial Services will be on the radar next week as they are currently the strongest pockets on the charts and are positioned in the leading quadrant of the Relative Rotation Graph (RRG), indicating superior relative strength along with momentum.Consumer Durables has staged a sharp pullback from the 33383 lows showing strong demand at lower levels, while Auto and Manufacturing have rebounded decisively from their 200-day EMA and moved up swiftly, signaling trend support and continuation potential. Infrastructure is showing clear relative outperformance with the Infra/Nifty ratio chart giving a downward sloping trendline breakout followed by solid follow-through and Financial Services continues to outperform with its ratio line versus Nifty trending higher, together suggesting leadership is likely to remain with these themes if the broader market remains stable.Q: SCI, Kirloskar Oil and Engineers India were big gainers this week while Firstsource, eClerx and Coforge, top losers. What should investors do with them?Post results, Shipping Corporation of India saw a sharp gap-up and strong follow-through but is currently hovering near the earlier swing high zone of 280–282, which is acting as a supply area — price behaviour around this band will be important to judge whether momentum expands or the stock spends more time consolidating.Kirloskar Oil Engines continues to show a higher-high higher-low structure and trades above key moving averages after a strong rebound since late January, suggesting trend strength remains visible as long as it holds above its nearby support band of 1330–1320.On the weaker side, Firstsource Solutions has corrected sharply and slipped below the 275–270 support zone, which may now behave as an overhead resistance area, so price acceptance back above or rejection near this band becomes the key monitorable.eClerx Services has broken an upward sloping trendline and its 200-day EMA, indicating loss of medium-term structure, with 3950 acting as an important reference level for trend assessment.Coforge has also seen a double-digit weekly correction amid broader IT sector pressure linked to AI disruption headlines, so from a tactical standpoint the space may be better approached after signs of stabilization and base formation rather than during active weakness.(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

New Delhi: Changi Airport Group's Chairman Lim Ming Yan on Saturday said the group is closely monitoring opportunities for airport projects in India and emphasised the need for having local partners for a win-win situation.The group operates Singapore's Changi Airport, one of Asia's most connected international aviation hubs, which provides connectivity to around 170 cities worldwide.Noting that India is definitely a growth market, Lim Ming Yan said, "We monitor very closely, and we are watching in fact on how we could perhaps be involved with some of these airport projects...there are many ways in which you can get involved".India is one of the world's fastest-growing civil aviation markets, and the government plans to offer more airports to private players on a public-private partnership model.Changi Airport Group has investments in Durgapur Airport, West Bengal.Lim Ming Yan said Durgapur airport was doing very well and that the group has been able to add value to the airport despite being relatively small.According to Lim Ming Yan, Changi Airport Group is good at managing airports and is happy to continue to work with investors who are familiar with the local context, while the group can bring its technical competency."To work with partners who can take care of some aspects of the business, and we bring some value that we are good at... that perhaps will be a win-win situation," he said while speaking at the ET Now Global Business Summit 2026.He also said that civil aviation infrastructure in India has improved significantly in the last 20 years, and the improvements will continue.

Union Minister Ashwini Vaishnaw on Saturday said the Cabinet has approved three railway multitracking projects worth approx Rs 18,509 crore and cleared an 11.56 kms Noida Metro extension project, in a push to expand rail capacity, reduce logistics costs and strengthen urban connectivity.The Cabinet Committee approved the railway projects spanning 12 districts across Delhi, Haryana, Maharashtra and Karnataka. The projects include Kasara–Manmad (3rd and 4th line), Delhi–Ambala (3rd and 4th line), and Ballari–Hosapete (3rd and 4th line) and are aimed at adding about 389 km to the network of Indian Railways.Also Read: Cabinet approves Rs 1.60 lakh crore rail, bridge and other projects in last meet at South BlockVaishnaw said Indian Railways is now the second largest cargo carrier in the world, underscoring the scale of its freight operations.He outlined an ambitious 2026 agenda built around 52 reforms in 52 weeks, with one reform to be rolled out every week to drive systemic transformation. The first reform will focus on improving on-board services and implementing end-to-end cleaning across the network, with the sanitation overhaul to be phased in across all trains over three years.A key pillar of the roadmap is ‘Gati Shakti Cargo’, aimed at accelerating freight movement and strengthening multimodal logistics under the government’s broader infrastructure push.The projects are slated for completion by 2030–31, it includes: Kasara–Manmad 3rd & 4th Line (Maharashtra)Spanning 131 km across Thane and Nashik districts, this project has an estimated cost of Rs 10,154 crore and a construction timeline of five years. The corridor is part of the plan to quadruple the Mumbai–Howrah high-density route and serves as a critical link connecting Eastern, Central and Western India. The stretch currently witnesses heavy passenger and freight traffic.Delhi–Ambala 3rd & 4th LineCovering 194 km at an estimated cost of Rs 5,983 crore, this expansion will ease congestion on one of North India’s busiest rail corridors. The route is strategically important for passenger movement as well as freight operations connecting the national capital region with Punjab, Himachal Pradesh and Jammu & Kashmir.Ballari–Hosapete 3rd & 4th Line (Karnataka)The 65-km project, cleared at a cost of Rs 2,372 crore, will strengthen connectivity in a mineral-rich belt of Karnataka. The corridor plays a key role in the movement of iron ore, steel and related industrial freight.Noida Metro ExpansionSeparately, the Cabinet approved the 11.56 kms extension corridor of the Noida Metro from Sector 142 to Botanical Garden in a project worth Rs 2,372 crores, adding eight elevated stations. With this addition, the operational metro network in Noida and Greater Noida will expand to 61.62 km.Also Read: Cabinet allocates over Rs 18,600 crore for India's first underwater twin tube tunnel in Assam ahead of pollsThe corridor will provide interchange connectivity with the Blue and Magenta Lines of the Delhi Metro at Botanical Garden, improving access to major commercial and IT hubs including Microsoft, TCS, Infosys, Adobe and Oracle campuses, as well as educational institutions, healthcare facilities and residential clusters. The government said the expansion is expected to ease congestion, reduce travel time and stimulate economic activity around new metro stations.Vaishnaw also said this marked the final Cabinet briefing from the historic South Block building. “After 95 years, the Indian government is leaving the South Block,” he said, adding that the Cabinet has dedicated “Seva Teerth” to the nation as part of the transition to the new administrative complex.He described the move as symbolic of India’s effort to move beyond its British-era administrative legacy and embrace technological advancement, noting that the South Block premises were being vacated as the government shifts operations to modern infrastructure designed for a digital and future-ready governance framework.

Veteran investor Howard Marks has long argued that successful investing is less about predicting exact turning points and more about understanding where markets stand in the broader cycle. His core message in his book, "Mastering the Market Cycle" has taken on renewed importance in today’s complex and fast-changing market environment, where optimism around technology, selective global growth, and India’s structural story coexist with rising valuations and pockets of excess.In the current phase, global equities, particularly in the US, are trading at elevated valuations, while themes such as artificial intelligence and select technology leaders continue to attract heavy investor interest. At the same time, central banks are navigating the final stages of a tight monetary cycle, and geopolitical risks remain elevated.His emphasis on calibrating risk rather than making binary bullish or bearish calls becomes especially relevant in such an environment. Instead of being fully aggressive or fully defensive, the philosophy encourages investors to gradually adjust portfolio positioning based on signals from valuations, investor behaviour, credit conditions, and market psychology.While markets may not yet be in outright bubble territory, they are increasingly vulnerable to disappointment if growth expectations fail to match lofty prices, according to Howard Marks' recent remarks. The strong concentration of returns in a narrow set of global technology stocks, combined with investor willingness to pay up for long-term narratives, reflects a phase of the cycle where optimism is high, even if not euphoric.For Indian investors, this framework offers a useful perspective. Domestic equities continue to benefit from structural growth drivers such as capex, manufacturing, and consumption, but selective stock picking and valuation discipline are becoming more critical. Broad-based easy gains are harder to come by in a market where quality growth is already well priced.Marks has also consistently highlighted the role of investor psychology in driving market swings far beyond what fundamentals alone would justify. Periods of sustained optimism tend to reduce perceived risk, leading to aggressive positioning, while corrections often create opportunities precisely when sentiment is weakest.Cycles are shaped as much by human behaviour as by economic data is the enduring lesson. Investors who remain aware of this, trimming risk when enthusiasm is widespread and being prepared to add exposure during periods of fear, improve their odds over time.In today’s environment, where AI optimism, global liquidity shifts, and valuation concerns intersect, Marks’ philosophy serves as a reminder that mastering the market cycle is less about bold forecasts and more about thoughtful positioning, patience, and respect for risk.

Ford Motor Co.’s top executive spoke to senior Trump administration officials about a potential framework in which Chinese automakers could build cars in America while offering some protection for domestic companies, according to people familiar with the discussions.The idea discussed by Ford Chief Executive Officer Jim Farley and Trump cabinet members last month involved Chinese carmakers partnering with US companies through joint ventures in which the American company holds a controlling stake, said the people, who asked not to be identified because the discussions were private. The ventures would be structured so that both the Chinese and US partners would share profits and technology in the JV, the people said.No decision has been made on the matter and the discussion was characterized by the people as informal and preliminary. Such a setup would be a mirror image of what China required of western automakers three decades ago when they had to partner with Chinese carmakers in order to set up factories in that country.Also Read: Foreign cars exported from China to Russia, bypassing sanctionsThe discussions, which haven’t been previously reported, come as China’s automakers move ever closer to America’s doorstep. Canada’s government recently announced a plan to allow some Chinese EVs into the country, while BYD Co. vehicles are becoming commonplace on streets in Mexico.Farley discussed the matter with US Trade Representative Jamieson Greer, Transportation Secretary Sean Duffy and Environmental Protection Agency Administrator Lee Zeldin when they visited the Detroit Auto Show last month, the people said. The discussion took place days after President Donald Trump indicated that he’d be open to allowing Chinese automakers into the US if they built plants and hired Americans, saying “let China come in” during a Jan. 13 speech at the Detroit Economic Club.Ford said Farley gave the cabinet secretaries a tour of the Ford stand at the auto show and that they “discussed a variety of industry topics,” but declined to reveal specifics.Ford’s talks generally about China with the Trump administration have consistently emphasized “the need to protect our home market from a flood of subsidized vehicles built in China,” Mark Truby, Ford’s chief communications officer, said in a statement.“We have also been clear about the privacy and national security issues associated with Chinese vehicles in the US and we will continue to reiterate this in our discussions with policymakers,” Truby said.Also Read: China issues new rules to curb auto price war after January passenger car sales drop 20%While Farley was not pushing the JV option, it was discussed as a way to protect American interests in a scenario in which Chinese companies make inroads in the US, the people said. Still, it got a cold reception from the Trump officials, who felt it would face opposition in Washington, the people said. However, an investment deal like that is seen by some in the administration as a possible outcome of Trump’s planned meeting in Beijing with Chinese President Xi Jinping in April.Representatives for the EPA, USTR and DOT had no immediate comment.Ford’s shares rose less than 1% Friday in New York. The stock is up 7.6% this year, ahead of the S&P 500 Index, which is little changed.Watershed Moment Chinese competitors gaining a foothold in America would be a watershed moment with massive implications for domestic automakers, their supply chains and consumers.China’s carmakers have rapidly gained market share in Europe, Mexico and South America with lower-cost models that feature advanced electric-vehicle batteries and infotainment systems. They also receive significant government subsidies and can offer technology at low prices in part because they tolerate slim margins and losses, giving them a competitive edge that western rivals struggle to match.Trump’s January comments surprised Detroit’s automakers, who’d felt formidable trade barriers erected by the US would keep Chinese automakers out of the country long enough to allow them to catch up on China’s lead in electric vehicles, batteries and other automotive technology.General Motors Co. has told the Trump administration that the company opposes a Chinese entry to the market, one of the people said. GM has argued that existing companies would lose market share and a flow of parts from China could have a devastating effect on North American suppliers.GM’s opposition echoes a wider view among Trump’s cabinet that the US should keep China’s automakers out of the US market. While the president has said that he may welcome Chinese companies into the US if they build cars here, many on his team oppose such a move due to economic and national security concerns.Farley too has warned that China’s low-cost, high-tech cars represent an “existential threat.”“Their cost, their quality of their vehicles is far superior to what I see in the west,” Farley said last summer at the Aspen Ideas Festival, where he revealed he had visited China a half dozen times in the last year. “We are in a global competition with China and it’s not just EVs. And if we lose this, we do not have a future at Ford.”At the same time, Ford has been open to working with Chinese companies. Farley has sought to partner with Chinese carmakers and battery makers to learn from them, while at the same time developing its own low-cost electric vehicle coming in 2027 that aims to be competitive with China’s BYD, the world’s top seller of EVs.Just in the last few weeks, Ford held talks with BYD about expanding a battery-supply partnership and explored a manufacturing partnership in Europe with China’s Geely. In December, Ford expanded a licensing agreement with Chinese battery giant Contemporary Amperex Technology Co., or CATL, from building cells for electric vehicles to also manufacturing stationary power sources for utilities and data centers. A recent report by the Financial Times that Ford was weighing a JV with Xiaomi to build vehicles in America was flatly denied by both companies.