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Most technical indicators suggest a short-term bottom reversal for Indian indices. Analysts expect the Nifty to trend higher as follow-up buying may emerge above 22,180, with short positions potentially being challenged above 22,425. Reliance Industries, SBI, Hindalco, Eicher Motors, Maruti, HAL, and M&M, along with midcaps like Jindal Steel and Power, Delivery, Bharat Dynamics, Lemon Tree, Tata Steel, and Graphite India, are recommended by the analysts for short-term trading.RAHUL SHARMA HEAD- TECHNICAL & DERIVATIVE RESEARCH, JM FINANCIAL SERVICESWhere is the Nifty headed this week? US Markets are in oversold territory, and European indices have taken support near crucial moving averages, which mean a meaningful recovery can be expected from global equity markets. The ratio chart of the Nifty 500 vs S&P 500 has closed at the highest level since mid-January. Nifty and Nifty Bank formed hammer candles on weekly charts due to the recovery seen in Friday’s session which is a bullish development. Nifty 500 is relatively much stronger this time as it managed to form a relatively higher low as compared to the March correction. Nifty PCR has improved in the last two sessions, supplementing the bullish bias. Retail has lapped up longs in index futures. FIIs are decisively short on index futures. Expect Nifty to scale higher as follow-up buying can emerge above 22,180 and shorts can get challenged above 22,425. What should an investor do? One Look to add longs in Nifty above 22,180 for targets of 22,325 and 22,425 with a stop loss of 22,100. Relative strength studies indicate that Eicher Motors can outperform. Targets are seen at Rs 4,500/4,800. Stop loss should be at Rs 4,193. Maruti has seen a firm close on Friday above key resistance levels. Upside targets are seen at Rs 13,000/13,200. Stop loss should be at Rs 12,450. A higher-high and higher-low structure in HAL is intact inspite of market volatility. Expect the stock to test Rs 3,900/4,000. Stop loss should be at Rs 3,620. 109485297DHARMESH SHAH HEAD OF TECHNICALS, ICICI SECURITIESWhere is the Nifty headed this week? Nifty made a smart recovery on Friday to end the volatile week off lows, as buying emerged near key support and March lows of 21,700, despite weak sentiments, as prices approached oversold readings. This week, Nifty holding Friday’s panic low of 21,700 will keep pullback options open, followed by a gradual recovery towards last week’s high of 22,400, which remains an important resistance. Meanwhile, stock-specific action will be in focus amid the progression of Q4 earnings. A key observation has been that Nifty’s two corrections since January 2024 have been 5% each, and even last week the index maintained this price behaviour by recovering post 5% correction from life highs and held the lower band of the past three-month rising channel, despite geopolitical worries. What should an investor do? Bouts of volatility amid geopolitical tensions, earnings and elections could not be ruled out. However, investors should not panic and continue to invest in good companies during episodes of volatility. We reiterate our structurally positive stance, as we have seen in the past that once anxiety around such events settle down, markets tend to resume their primary up-trend. In large caps, we prefer Reliance Industries, SBI, Hindalco, Petronet LNG, Tata Power, HAL, and M&M; while in midcaps, Jindal Steel and Power, Delivery, Bharat Dynamics, Lemon Tree, and Graphite India are looking goodNAGARAJ SHETTI SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIESWhere is the Nifty headed this week? After showing a panic selloff from near the day’s high on Thursday, Nifty witnessed an excellent recovery on Friday and closed the day with handsome gains amidst high volatility. A long bull candle was formed on the daily chart after opening at the lows. The present chart pattern indicates the formation of a Bullish Piercing line-type candle pattern. This signals a short term bottom reversal for the market. Nifty held above the support around 21,750, which is near the previous swing low of March 20. This could be considered a double-bottom type formation. After breaking below the support of the lower end of the channel at 22,000, Nifty regained the lost ground and closed above the support on Friday. What should an investor do? The short-term trend of Nifty has reversed with the formation of a bullish reversal pattern. One may expect further upside towards the next resistance of 22,500 in the next few sessions. Immediate support is at 22,000. One may look to start accumulating index or stocks by placing appropriate stop losses. Stocks with positive bias include Tata Steel, SAIL, SBI, Central Bank, Motherson, M&M, Gujarat Fluorochemicals, Raymond, Chalet Hotel and Bajaj Finance.

Mumbai: Overseas fund managers raised their bearish derivative bets on India last week as a jump in crude oil prices in the wake of the Iran-Israel conflict and growing uncertainty about interest rate cuts in the US heightened risk aversion.The long-short ratio of foreign portfolio investors (or FPIs') Nifty futures bets fell to 35.4% on Friday, from about 56% a week ago. The long-short ratio in index futures is a measure of the number of bullish positions versus bearish. A low reading means foreign investors are bearish. The reading was 12.4% on February 28, 2020, when concerns over the spread of Covid had erupted.The build-up of bearish bets coincided with FPIs pulling ₹18,601 crore out of Indian equities last week. So far in April, these investors have been net sellers in Indian shares to the tune of ₹5,254 crore."We have seen aggressive build-up of short positions by FPIs in Nifty futures in the past week," said Ruchit Jain, lead research analyst at 5Paisa.com. "FPIs have been selling and unwinding their long positions after the escalation of Iran-Israel conflict,"Nifty futures have seen a total net short position of about one lakh units, which is often seen when the market is in a corrective phase, said Jain.Last week, Indian benchmarks fell 2.1-2.5% on concerns over the clash between Iran and Israel. Though the Sensex and Nifty rebounded on Friday after four straight days of losses on expectations that the conflict in West Asia would recede soon, the undertone is cautious. FPIs' Nifty futures long-short ratio on Friday rose from the previous day on liquidation of some bearish bets, helping the market to bounce back.“Market participants are displaying caution as the coming week is going to be results-heavy with many large-caps announcing their numbers,” said Sudeep Shah, head of technical & derivatives research at SBICAP Securities. “Given the tensions between Iran and Israel, traders are a bit apprehensive about taking leveraged positions.”Analysts said the recent selloff in the US markets, especially in the technology giants, is also keeping investors on the edge. On Friday, the Nasdaq tumbled over 2%, extending losses for the sixth straight day on growing fears that the US Federal Reserve may not be able to cut interest rates as anticipated earlier in the face of sticky inflation.In India, the IT sector, whose prospects are closely linked to the health of the US economy and monetary policy, has the highest build-up of short positions in equity derivatives.“Sectorally, IT has seen a lot of aggressive buildup in short positions since before Infosys results where there is no sign of short covering yet,” said Jain.“The trigger for short covering could be stronger results (by rest of the IT companies) or positive cues from Nasdaq.”

Creditors to Lavasa Corp invoked the ₹25-crore performance bank guarantee (PGB) by Darwin Platform Infrastructure (DPIL) earlier this month, citing non-compliance of the corporate insolvency resolution process (CIRP) timeline.This came nine months after the National Company Law Tribunal had approved the transaction. The invocation of the guarantee means that the monitoring committee to implement the plan has now been dissolved and the CIRP process has been halted, putting the decision on the future of the private hill town project back before the NCLT."Lenders took a decision to invoke the guarantee because there was no movement on completion of the deal from Darwin. The upfront payment of ₹100 crore had to come within 90 days from NCLT order, which came in July, which is long overdue. Lead lender Union Bank has expressed its no confidence in the resolution applicant, so this was a logical move," said a person familiar with the process.Lead lender Union Bank of India had sought withdrawal of NCLT approval alleging connivance between the resolution professional (RP) Shailesh Verma and DPIL to undervalue the real estate assets of Lavasa, resulting in a loss to creditors of the company, ET had reported in October. Though petition by Union Bank was dismissed by the NCLT, a subsequent petition by State Bank of India (SBI) in the National Company Law Appellate Tribunal (NCLAT) was allowed and is still pending in court.A DPIL spokesperson said the company "would not comment as the matter is in court". Union Bank and RP Shailesh Verma did not reply to an email seeking comment.Darwin Platform's final plan submitted in December 2021 had envisaged a total payout of ₹1,814 crore over eight years to lenders and also included delivery of fully constructed houses to 837 home buyers, at a haircut of about 79% to financial creditors.Lenders and DPIL have been engaged in a legal battle since the NCLT order. DPIL has cited legal issues and sought more time to complete the transaction. "The maintenance of the Lavasa city is being borne by lenders as part of the CIRP costs. In fact, out of the ₹100-crore upfront payment, ₹80 crore was set aside for the CIRP costs according to the plan. The expenses are much higher than that number. Invocation of the bank guarantee is an indication that lenders do not expect the plan to be implemented. The decision is now with the court," said a second person aware of the process.Besides Union Bank and SBI, Axis Bank, Bank of India, L&T Finance and Arcil are financial creditors to the company. ET has learnt that DPIL has filed an interlocutory plea against this invocation of guarantees and sought more time to complete the CIRP citing litigations around the project. ET could not ascertain the contents of this application.

Royal Challengers Bengaluru (RCB) star batter Virat Kohli faced a controversial dismissal during the IPL 2024 match against Kolkata Knight Riders (KKR) at the Eden Gardens in Kolkata. Kohli's frustration was evident as he engaged in a heated exchange with the on-field umpires before storming off the field. Despite Kohli's efforts to defend, he was eventually adjudged out, leading to a major controversy in the match.— Dhonismforlife (@Dhonismforlife) Kohli's Frustration EruptsThe incident occurred in the third over of RCB's 223-run chase, with Harshit Rana delivering a slow full toss that appeared to rise awkwardly towards Kohli. Kohli, attempting to evade the ball, ended up giving an easy return catch to Rana. However, the mode of dismissal, initially assumed to be a no-ball, led to Kohli's immediate review.Despite Kohli's efforts to defend his case, the TV umpire adjudged him out, triggering Kohli's eruption of emotions. He engaged in a heated exchange with the on-field umpires, expressing his frustration before storming off the field. Kohli's actions included knocking over a garbage bin and later smashing his bat in frustration on his way to the dressing room.— mufaddal_vohra (@mufaddal_vohra) Kohli's Reaction and Match SummaryKohli's displeasure was evident as he made his way back to the pavilion, knocking over a garbage bin and later smashing his bat to the ground in frustration. The controversial decision led to Kohli's dismissal, sparking debate and discussion among fans and experts alike. Despite Kohli's 7-ball 18, RCB fell short in their chase of KKR's massive total of 222, with Phil Salt and skipper Shreyas Iyer leading KKR to victory.The controversial decision sparked debate and discussion among fans and experts, with many questioning the umpire's call. Despite Kohli's dismissal, RCB continued their chase but fell short of KKR's massive total of 222. Phil Salt and skipper Shreyas Iyer were the top performers for KKR, leading their team to victory.(With inputs from TOI)

Senior Congress leader and Lok Sabha candidate Shashi Tharoor has been booked for allegedly carrying out a false campaign against union minister and rival candidate Rajeev Chandrasekhar, police said here on Sunday. The case was registered by the Cyber Police here on April 15 but its details were revealed only today. According to police, the case against Tharoor was registered based on a complaint lodged by BJP leader J R Padmakumar who accused the Congress leader of carrying out a false campaign against Chandrasekhar during a television programme. The complainant alleged that Tharoor, during the programme, had made defamatory statements against Chandrasekhar with regard to influencing voters of coastal regions in the upcoming Lok Sabha election. The case was registered under Sections 171-G and 500 of the Indian Penal Code and Section 65 of IT Act, a cyber police official said adding that an investigation is going on in the matter. IPC 177-G refers to raising false statement in connection with an election, while IPC 500 relates to defamation. Tharoor, who is contesting from Thiruvananthapuram Lok Sabha constituency, is yet to react on the registration of the case.