Business News

Nifty ended 27 points higher above the 22,400 level on Monday to form an indecisive Doji candle on the daily charts.Any dips from here could be a buying opportunity towards the support of 22,225-22,200 levels. The near-term upside targets to be watched around 22,600-22,800 levels, Nagaraj Shetti, Senior Technical Research Analyst, HDare FC Securities.Upon scrutinizing the Open Interest (OI) data, the call side revealed the highest OI at 22,500, followed by the 22,800 strike prices. On the put side, the maximum OI was observed at the 22,200 strike price.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that Nifty has been inching higher and more importantly held on to the gains which is a positive sign. This consolidation should be considered as a healthy sign and in case the index dips in the process of retesting the breakout (22,300 – 22,250) it should be considered as a buying opportunity. The key hourly moving averages placed in the range 22,290- 22,230 shall act as a crucial support zone and potential entry zone in case of a dip. The initial target on the upside is placed at 22570 – 22600 where the hourly upper Bollinger band is placed.Tejas Shah, Technical Research, JM Financial & BlinkXNifty closed above the crucial resistance zone of 22,250-300 levels for two consecutive days, which is a positive sign. Support for Nifty is now seen at 22,250-300 and 22,125-150 levels. On the higher side, the immediate resistance zone for Nifty is at 22,450-500 levels and the next resistance is at 22,700 Mark. Overall, all dips should be used as an opportunity to buy.Sheersham Gupta, RupeezyNifty traded in a narrow range of 80 points the entire day. However, in a 30-minute timeframe, Nifty can be seen rejecting prices at lower levels. The put-call ratio (PCR) stands at 1.26 indicating a bullish bias for the index. As per the option chain, 22,500 is expected to offer some resistance and once that level is breached, it can march towards 22,720. On the downside, support is anticipated in the range of 22,250-22,300.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Apple was hit with an EU antitrust fine of over 1.8 billion euros ($1.95 billion) on Monday, its first ever, for preventing Spotify and other music streaming services from informing users of payment options outside its App Store. The European Commission's decision was triggered by a 2019 complaint by Swedish music streaming service Spotify over this restriction and Apple's 30% App Store fees. The European Union competition enforcer said Apple's restrictions constituted unfair trading conditions, a relatively novel argument in an antitrust case and also used by the Dutch antitrust agency in a decision against Apple in 2021 in a case brought by dating app providers. The EU competition enforcer said it added an additional lump sum of 1.8 billion euros to the basic amount as a deterrent to Apple and because a significant part of the harm caused by Apple's conduct was non-monetary. It did not say what the basic amount was. ""For a decade, Apple abused its dominant position in the market for the distribution of music streaming apps through the App Store," EU antitrust chief Margrethe Vestager said in a statement. "They did so by restricting developers from informing consumers about alternative, cheaper music services available outside of the Apple ecosystem. This is illegal under EU antitrust rules," she said. Apple criticised the EU decision, saying it would challenge it in court. "The decision was reached despite the Commission's failure to uncover any credible evidence of consumer harm, and ignores the realities of a market that is thriving, competitive, and growing fast," the company said in a statement. "The primary advocate for this decision - and the biggest beneficiary - is Spotify, a company based in Stockholm, Sweden. Spotify has the largest music streaming app in the world, and has met with the European Commission more than 65 times during this investigation," it said. It said the Swedish company pays no commission to Apple as it sells its subscriptions on its website and not on Apple's App Store. Vestager's order to Apple to remove its App Store restrictions echoes the same requirement under new EU tech rules known as the Digital Markets Act (DMA) which Apple has to comply with on March 7. Apple's fine, however, is about a quarter of the 8.25 billion euro fines the EU regulator meted out to Alphabet's Google in three cases in the previous decade. In contrast to the music streaming case, Apple is seeking to settle another EU antitrust investigation by offering to open up its tap-and-go mobile payment systems to rivals. EU regulators, who subsequently sought feedback from rivals and users, will likely accept its offer without fining the company.

The Enforcement Directorate has questioned Niranjan Hiranandani, the promoter of prominent Mumbai-based realty company Hiranandani Group, in a foreign exchange violation case, official sources said Monday. Niranajn Hiranandani and his son Darshan Hiranandani were asked to join the investigation by the central agency at its office here as part of a probe being conducted under the Foreign Exchange Management Act (FEMA). Darshan Hiranandani has been living in Dubai for the past several years. About four premises of the group in and around Mumbai were searched by the Enforcement Directorate (ED) last month. Apart from some foreign transactions, the agency is stated to be probing into the beneficiaries of a British Virgin Islands-based trust allegedly linked to the Hiranandani Group's promoters. The group has said it will co-operate with the ED in this FEMA investigation. Official sources said this ED probe is not linked to another FEMA investigation being conducted against TMC leader Mahua Moitra, who was recently expelled as a Lok Sabha MP. BJP MP Nishikant Dubey had accused Moitra of asking questions in the Lok Sabha to target the Adani Group and Prime Minister Narendra Modi at the behest of Darshan Hiranandani in exchange for gifts. Moitra has denied any wrongdoing and claimed she was being targeted as she had raised questions on the deals of the Adani Group.