Bitcoin remains locked in a tight range, leaving traders uncertain about its next major move. With strong resistance overhead and key support still holding below, the market is approaching a decisive moment. Whether BTC breaks out into a new rally or slips into another leg down will largely depend on how it reacts around these critical levels.

A Slips Below Key Zone: Downside Pressure Builds

According to Kamile Uray, Bitcoin is currently trading below the key blue box zone, suggesting that downside pressure may persist in the near term. Despite this, the 4-hour chart is beginning to show early signs of a potential recovery structure, with a small inverse head and shoulders (TOBO) forming. If this pattern activates, it could open the door for a move toward the $75,000 level.

Related Reading

Beyond that, there is also the possibility of a larger cup and handle formation developing. A successful push toward $75,000 would help shape this structure, but confirmation would only come with a strong close above that level. If achieved, it could signal continuation to the upside, especially if Bitcoin breaks above the $79,354 level, marking the first higher high on the 4-hour timeframe.

On the downside, several key support levels, such as $65,666, $62,433, and $60,000, will be closely monitored, as holding above these levels could provide a base for another upward move. However, a daily close below the $62,433–$60,000 range would increase bearish pressure, exposing deeper support levels around $55,230 and $47,256.

Looking at the bigger picture, a move toward $98,200 followed by a daily close above it would confirm a higher high on the daily chart, strengthening the case for a continued uptrend. Caution is advised, however, if the price approaches the $107,000–$109,000 zone, where a potential bearish pattern could emerge. Failure to break above the previous high in that region may trigger another downward phase.

Bitcoin Stuck In Range As Momentum Stalls

Bitcoin is currently trading around $70,413, remaining stuck within the same tight range that has held price action in place for weeks. CyrilXBT pointed out that the $72,000–$76,000 zone continues to act as a strong ceiling, with every rally into that area being met by consistent selling pressure. 

Related Reading

On the downside, the macro trendline near $64,000 has held on two separate occasions, providing the only meaningful support structure preventing a broader bearish shift. Still, confidence in a bullish continuation remains limited until Bitcoin can secure a convincing close above $75,000. With the EMA 200 at around $86,380, still far from being relevant at this stage, the market remains in a wait-and-see phase, with traders watching for a decisive move out of the range.

Featured image from Getty Images, chart from Tradingview.com

Indian benchmark indices closed sharply lower on Friday, dragged down by broad-based selling across sectors. Consumer, IT, and energy stocks were among the biggest laggards.

The Nifty settled at 25,471.10, down 336 points or 1.30%, while the BSE Sensex tumbled 1,048.16 points, or 1.25%, to close at 82,626.76.

The volatility gauge, India VIX, ended at 11.73, down 1.53% from the previous close.

Analysts’ Take

Nilesh Jain, Vice President – Head of Technical & Derivative Research at Centrum Finverse, said the Nifty opened with a gap-down and slipped below its key 21-, 50-, and 100-day moving averages, placed at 25,480, 25,770, and 25,690, respectively.

The index is attempting to fill last week’s downside gap, and the crucial support at the 200-DMA near 25,300 is likely to be tested in the near term, Jain added.

“India VIX had surged sharply earlier to around 13, and any further rise in volatility could be a cause for concern. Overall, the market structure appears sideways to weak, and pullback rallies are likely to face selling pressure as long as the Nifty remains below 25,800,” he said.

European Markets

Most major European indices were trading broadly positive around 2:07 p.m. GMT (7:52 p.m. IST). Germany’s DAX was higher, while France’s CAC 40, the Stoxx 600, and the UK’s FTSE 100 were also trading in the green. Spain’s IBEX, however, was marginally lower.

Tech View

Rupak De, Senior Technical Analyst at LKP Securities, said India VIX has moved back above its 200-DMA, indicating rising caution among market participants.

From a technical perspective, the setup has turned relatively cautious, with the index slipping below its 20-DMA for the first time in recent sessions. He added that the Nifty has breached the 38.2% Fibonacci retracement of the prior upward move from 24,571 to 26,341.

“With the index closing below the key support level of 25,500, the near-term bias appears weak, with potential for a decline toward 25,000 in the short term. On the upside, immediate resistance is seen around 25,800,” he said.

Most Active Stocks (Value)

Bajaj Finance (Rs 591 crore), Infosys (Rs 377 crore), HDFC Bank (Rs 375 crore), Larsen & Toubro (Rs 222 crore), TCS (Rs 211 crore), HCL Technologies (Rs 194 crore), and Reliance Industries (Rs 144 crore) were among the most active stocks on the BSE in value terms.

Most Active Stocks (Volume)

SpiceJet (4.86 crore shares), Vodafone Idea (3.59 crore shares), YES Bank (78.48 lakh shares), Suzlon Energy (66.30 lakh shares), Bajaj Finance (58.42 lakh shares), Eternal (44.23 lakh shares), and Ola Electric (43.51 lakh shares) were among the most actively traded stocks in volume terms on the BSE

Stocks Showing Buying Interest

Bajaj Finance, Lenskart Solutions, Engineers India (EIL), GE Power India, Universus Photo Imagings, Repro India, Laxmi Cotspin, and Anmol India witnessed notable buying interest.

52-Week High/Low

A total of 83 stocks hit their 52-week highs, while 193 slipped to 52-week lows. Stocks touching fresh highs included Apex, Avanti Feeds, Bharat Forge, Eicher Motors, Jamna Auto Industries, Lenskart, and Sharda Cropchem.

Stocks Seeing Selling Pressure

Among large-cap names, HDFC Bank, Reliance Industries, and ICICI Bank saw significant selling pressure. Other laggards included SpiceJet, Hindustan Unilever, Hindalco Industries, Eternal, Adani Enterprises, Crown Lifters, Muthoot Finance, and ONGC.

Market Breadth

Heavyweights such as HDFC Bank, Reliance Industries, ICICI Bank, and Hindustan Unilever weighed on the indices. Market breadth remained negative. Of the 4,364 stocks traded on the BSE, 1,253 advanced, 2,960 declined, and 151 remained unchanged.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Members of the Bar Association of Sri Lanka (BASL) have decided not to appear before courts island-wide on behalf of any cases tomorrow (16).

The decision was taken at a special general meeting held today in response to the recent shooting and killing of a lawyer and his wife.

BASL President Attorney Rajeev Amarasuriya noted that the BASL members held detailed deliberations on the implications of the attack and agreed to refrain from court proceedings tomorrow in a show of solidarity and protest.

He said the decision reflects the collective stance of the legal community in response to an attack on one of their own.

Speaking to media, BASL President Attorney Rajeev Amarasuriya confirmed that the association’s general assembly reached four unanimous decisions during the meeting convened following the murder of a lawyer and his wife in Akuregoda.

The four decisions adopted by the Bar Association are as follows:

• To urge the government to take immediate action to end the prevailing culture of murders in the country and ensure public safety.
• To have all members refrain from attending court activities across the country tomorrow.
• To request that police and relevant law enforcement institutions immediately arrest and take legal action against all individuals responsible for the heinous crime.
• To express strong disapproval to police and other concerned parties regarding the dissemination or portrayal of unverified information as factual.

All members of the Bar Association gathered in Colombo today (15) to discuss the next steps in response to the murder of a lawyer and his wife in Akuregoda.

The meeting was held at the Bar Association headquarters in Hulftsdorp.

This is the first time in 14 years that all members of the Bar Association convened for a collective meeting in Colombo.

Approximately 3,500 lawyers attended the meeting today, with several of them participating via Zoom.

Benchmark indices Sensex and Nifty ended the week on a bearish note, closing over a percent lower each as a deepening selloff in IT stocks rattled investor sentiment amid mounting fears of AI-led disruption. Further, stronger-than-expected jobs data for January dampened hopes of a US Fed interest rate cut.

Here are 7 factors that could decide market action in the coming week:

1.) Infosys, Wipro ADRs rebound – After a brutal two-day selloff that saw Infosys and Wipro ADRs plunge as much as 14.5%, Friday’s session brought a much-needed breather. Bargain hunting kicked in at lower levels, sparking a sharp rebound as Infosys climbed 3% while Wipro gained 4%—helping both stocks close the week on a far stronger note. International brokerage firm JP Morgan has a message for panic-stricken investors: IT services firms are the indispensable “plumbers of the tech world” and their dividend yields have now hit levels last seen only during the global financial crisis and COVID-19.

As Rs 5.7 lakh crore evaporates from the sector in just eight trading sessions and the Nifty IT index crashes 19% in the short span, the Wall Street giant is turning contrarian, declaring “deep value” buying opportunities in bloodied bellwethers Infosys and TCS.

2.) US CPI numbers lift rate cut bets – U.S. inflation data lifted expectations of monetary easing after the Consumer Price Index rose 2.4% year-on-year, slightly below economists’ estimates of 2.5%, according to a poll by Reuters. The softer print boosted market bets that the Federal Reserve could deliver at least two rate cuts this year.

The moderation in overall inflation drew a positive response from the White House, with a spokesperson saying on social media that America’s economy could gain further momentum through long-awaited interest rate cuts from the Federal Reserve. Even so, concerns over the labour market and rising living costs continue to weigh on public sentiment, with many Americans expressing unease about economic conditions and voicing dissatisfaction with Donald Trump’s handling of the economy.

3.) How FIIs navigate AI-led disruption fears – VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited FIIs remained net sellers to the tune of Rs 1,374 crore for the month so far. The overall figure was skewed by a sharp selloff of Rs 7,395 crore on February 13, when the Nifty fell 336 points amid heavy selling in IT stocks following the Anthropic-related shock, with the IT index plunging 8.2% during the week ended February 13.Vijayakumar added that market sentiment has strengthened after the fiscally prudent and growth-oriented 2026 Budget and the India–US trade agreement, with large-cap valuations appearing fair given improving corporate earnings prospects for FY27. He expects FIIs to turn buyers once volatility in the IT sector subsides, adding that any extended unwinding of the AI trade in the US could further encourage foreign flows into India, which he described as a non-AI market.

4.) Rupee vs Dollar – The Indian rupee closed at 90.64 per U.S. dollar, little changed from its previous close of 90.59. A strengthening U.S. dollar, which has risen for a third straight session to 96.95 is generally negative for equities as it can trigger foreign fund outflows from emerging markets like India toward safer assets in the United States.

“USD/INR remains in a short-term corrective consolidation after rejecting recent highs but continues to trade comfortably above rising channel support near 90.20–90.40. The 90.00 zone remains the structural pivot; as long as this base is defended, the broader upward bias remains intact. A phase of consolidation appears likely before a renewed attempt toward 91.80–92.50, which in turn continues to provide underlying support to domestic bullion pricing dynamics,” Ponmudi R, CEO of Enrich Money said.

5.) Technicals flashing weakness – The Nifty has broken decisively below its recent consolidation range, closing under 25,500 after testing lower levels and forming a strong bearish candle amid rising downside momentum, largely led by weakness in IT stocks. The index is now hovering near a critical support zone of 25,400–25,300, which coincides with the 200-DMA and 200-EMA cluster, while a deeper safety net is seen around 25,200–25,000, says Ponmudi R, CEO of Enrich Money.

Immediate resistance is placed at 25,550–25,600, near the 20-SMA and a previous support area. A sustained move above 25,700–25,800 will be required to signal stabilization and potentially pave the way toward 26,000, where strong overhead supply remains.

As long as 25,300 holds on a closing basis, the broader structural uptrend stays technically intact. However, a decisive breach below this level could trigger sharper downside pressure toward lower supports. Options data suggests a bearish bias, with aggressive call writing at higher strikes and fresh put buildup at lower levels. The near-term trading range is seen between 25,200 and 25,700, with a strategy leaning toward selective dip buying at strong support zones while closely tracking global cues and shifts in open interest.

6.) US GDP data next week – Market participants will closely track the upcoming minutes of the Federal Reserve’s latest policy meeting, along with U.S. GDP data for the October–December quarter, both due next week. These releases are expected to offer clearer signals on the central bank’s policy trajectory and the near-term outlook for interest rates.

For Indian markets, such global cues carry added weight, particularly amid volatile Foreign Portfolio Investor (FPI) flows. While there were early indications of a pickup in inflows, sentiment turned cautious after sharp selling on the final trading day of the week during a global technology-led rout.

7.) Geopolitical tensions – The U.S. military is preparing for the possibility of sustained, weeks-long operations against Iran if US President Donald Trump authorises military action, Reuters reported, citing two officials, signalling the risk of a far more serious escalation between the two countries. The disclosure has raised the stakes for ongoing diplomacy, even as U.S. and Iranian representatives recently met in Oman in an effort to revive talks over Tehran’s nuclear programme after a buildup of American forces in the region heightened tensions. Meanwhile, the Pentagon has begun deploying an additional aircraft carrier to the Middle East, along with thousands of troops, fighter aircraft and guided-missile destroyers, strengthening both offensive and defensive military capabilities.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Indian market ended lower on Friday, with benchmark indices Sensex and Nifty retreating from recent highs as investors turned defensive ahead of the Union Budget this weekend.

By the end of the session, the benchmarks had pared some losses, with the Sensex down 296.59 points or 0.36% at 82,269.78, while the Nifty fell 98 points or 0.39% to end at 25,320.65.

Here’s how analysts read the market pulse:

Indian equity markets remained volatile ahead of the Union Budget, with benchmark indices dragged lower by weakness in IT and metal stocks, said Vinod Nair, Head of Research at Geojit Investments, adding that the IT sector lagged due to global growth concerns and higher U.S. bond yields, while gold and silver declined amid a stronger dollar and persistent FII selling and continued rupee depreciation kept market sentiment cautious. “With geopolitical risks and global tariff pressures rising, the Union Budget is keenly awaited for cues on growth support and fiscal discipline. Globally, although a deal to avert the latest U.S. government shutdown provided temporary relief, markets remain watchful ahead of the appointment of a new Fed Chair, as a more hawkish stance could tighten liquidity and weigh on emerging markets,” said Nair.

Also read: A ‘non-event Budget’ for stock market: Is that good news for Nifty which fell 1,000 points in January?

US markets

Wall Street slipped on Friday as investors viewed President Donald Trump’s pick of former Fed Governor Kevin Warsh—seen as a hawkish choice—to replace Jerome Powell, while contending with mixed earnings, hot inflation data, and rising geopolitical and shutdown risks. The Dow fell 0.36% to 48,892.47, the S&P 500 dropped 0.43% to 6,939.03, and the Nasdaq slid 0.94% to 23,461.82. The S&P 500 recorded 19 new 52-week highs and 10 lows, while the Nasdaq logged 72 highs and 205 lows.

European Markets

Europe’s benchmark share index closed higher on Friday, extending its longest monthly winning streak since 2021 as investors digested corporate earnings and reacted to U.S. President Donald Trump’s nomination of a former Federal Reserve policymaker to lead the central bank. The index rose 0.6% to 611 points and is on track to end January with a 3% gain, marking its seventh straight monthly advance. Banking stocks led the rally, rising 1.7%, with Caixabank jumping 6.7% after the Spanish lender projected stronger lending income and profits for this year and next.

Tech View

Technically, after a gap down, the market hovered between the 25,200/82000 to 25,350/82400 price range throughout the day, said Shrikant Chouhan, Head Equity Research at Kotak Securities, adding that the narrow range activity on intraday charts and the small candle on daily charts indicate indecisiveness between the bulls and the bears.

“We are of the view that as long as the market trades above 25,200/82000, a positive sentiment is likely to continue. On the higher side, the market could move up to 25,500/82800. Further upside may also extend, potentially lifting the index up to 25,600-25,675/83000-83200. On the flip side, if the market falls below 25,200/82000, weakness is likely to increase. In such a case, we could see a quick intraday dip down to 25,000-24,900/81500-81200,” said Chouhan.

Also read: Sensex, Nifty’s pre-Budget correction a blessing in disguise? Here’s what 15-year data shows

Most active stocks in terms of turnover

Hindustan Copper (Rs 7,917 crore), Vedanta (Rs 3,853 crore), ICICI Bank (Rs 3,279 crore), Hindustan Zinc (Rs 3,248 crore), HDFC Bank (Rs 2,767 crore), Dixon Tech (Rs 2,103 crore) and Axis Bank (Rs 2,023 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.

Most active stocks in volume terms

Vodafone Idea (Traded shares: 173 crore), Hindustan Copper (Traded shares: 11.3 crore), YES Bank (Traded shares: 8.19 crore), Ola Electric Mobility (Traded shares: 6.34 crore), Suzlon Energy (Traded shares: 6.04 crore), JP Power (Traded shares: 5.6 crore) and Vedanta (Traded shares: 5.4 crore) were among the most actively traded stocks in volume terms on NSE.

Stocks showing buying interest

Shares of Vodafone Idea, Orient Refractories, Signatureglobal (India), Tata Teleservices, OneSource Specialty, GRSE and Triveni Engineering & Industries were among the stocks that witnessed strong buying interest from market participants.

Also read: CME raises gold, silver margins after steepest single-day plunges in decades

52 Week high

Over 78 stocks hit their 52-week highs today, while 291 stocks slipped to their 52-week lows. Among the ones which hit their 52-week highs included Nestle India, Axis Bank and SBI.

Stocks seeing selling pressure

Stocks which witnessed significant selling pressure were Hindustan Zinc, Vedanta, NALCO, Hindustan Copper, Graphite India, NTPC Green Energy and Gujarat Mineral Development Corporation.

Sentiment meter bullish

The market sentiments were bullish. Out of the 4,367 stocks that traded on the BSE on Friday, 1,783 stocks witnessed declines, 2,424 saw advances, while 160 stocks remained unchanged.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

Bitcoin has come under renewed pressure after sliding toward the $90,600 region, putting short-term sentiment back on edge. While the move has shaken weak hands, price is now approaching a critical retest zone that could determine whether this dip is merely a shakeout or the start of a deeper correction. How BTC reacts here will likely set the tone for the next directional move.

Bitcoin Slides to $90.6K As Selling Pressure Returns

According to an update by Lennaert Snyder, Bitcoin has extended its downside move, dumping toward the $90,623 level. The latest decline suggests increasing near-term weakness, with expectations that the US market opening could add further pressure and keep sentiment cautious.

Related Reading

Despite the volatility, Snyder emphasizes the importance of patience in such conditions, waiting for clear triggers, especially as the market navigates a fragile structure after the recent sell-off. On the bullish side, a potential scalp setup emerges if BTC manages to break the M15 market structure by reclaiming the $91,265 level. Should this occur, the initial upside target is located near the $93,377 resistance, with the monthly high serving as the ultimate objective if momentum continues to build.

From a bearish perspective, current prices are considered too low to aggressively pursue shorts. Instead, attention shifts to a possible retest of the $93,000 resistance zone, where short positions would only be considered after clear confirmation of rejection.

Looking ahead, a clean reclaim of the $93,377 resistance would signal continuation to the upside and reopen the path toward the monthly highs. However, if no bullish reversal materializes in the near term, Bitcoin may remain range-bound and gradually grind lower through the rest of the week.

Bitcoin At A Crossroads: Two Scenarios In Play

Ardi outlined two possible scenarios for Bitcoin’s next major move, both centered around the key $94,000 resistance zone. This level remains the main decision point that will determine whether the market resumes its broader upside trend or rolls over into deeper downside.

Related Reading

Path A suggests a bullish outcome, where price pushes back into the $94,000 resistance, breaks through with strong acceptance, and continues higher toward the $100,000+ region. In this scenario, the recent downside move would be seen as a shakeout rather than a trend reversal, clearing weak hands before continuation.

However, path B points to another potential fakeout into the $94,000 resistance, only to get rejected once again at the top of the range, followed by a breakdown below $90,000 and a liquidity sweep toward the $88,000 area before the next meaningful move develops.

Both scenarios likely involve a retest of the $94,000 zone. The key difference lies in what happens after that test, whether price acceptance confirms strength, or rejection signals another leg lower.

Featured image from Pngtree, chart from Tradingview.com

He has used them in an unprecedented way, not only as the underpinning of his economic agenda, but also as the cornerstone of his foreign policy in his second term.

He has wielded the import taxes as a threat to secure ceasefiresfrom countries at war. He has used them to browbeat nations into promising to do more to stop people and drugs from flowing across their borders. He has used them, in Brazil’s case, as political pressure because its judicial system prosecuted a former leader who was a Trump ally, and in a recent blowup with Canada, as punishment for a television ad.

This week, the Supreme Court hears arguments on whether the Republican president has overstepped federal law with many of his tariffs. A ruling against him could limit or even take away that swift and blunt leverage that much of his foreign policy has relied on.

Trump increasingly has expressed agitation and anxiety about the looming decision in a case he says is one of the most important in U.S. history.

He has said it would be a “disaster” for the United States if the justices fail to overturn lower court rulings that found he went too far in using an emergency powers law to put his tariffs in place.

Trump had said he wanted to take the highly unusual step of attending the arguments in person, but on Sunday said he had ruled it out, saying he didn’t want to be a distraction. “I wanted to go so badly — I just don’t want to do anything to deflect the importance of that decision,” he told reporters on Air Force One.

The Justice Department, in its defense of the tariffs, has highlighted the expansive way Trump has used them, arguing that the trade penalties are part of his power over foreign affairs, an area where the courts should not second-guess the president.

Earlier this year, two lower courts and most judges on the U.S. Court of Appeals for the Federal Circuit found that Trump did not have power under the International Emergency Economic Powers Act, or IEEPA, to set tariffs — a power the Constitution grants to Congress. Some dissenting judges on the court, though, said the 1977 law allows the president to regulate imports during emergencies without specific limitations.

The courts left the tariffs in place while the Supreme Court considers the issue. Meanwhile, Trump has continued to wield them as he has tried to pressure or punish other countries on matters related — and unrelated — to trade.

“The fact of the matter is that President Trump has acted lawfully by using the tariff powers granted to him by Congress in IEEPA to deal with national emergencies and to safeguard our national security and economy,” White House spokesman Kush Desai said in a statement. “We look forward to ultimate victory on this matter with the Supreme Court.”

Still, White House press secretary Karoline Leavitt said that the Trump trade team is working on contingency plans should the high court rule against the Republican administration.

“We do have backup plans,” Leavitt said on Fox News’ “Sunday Morning Futures.” “But ultimately…we are hopeful that the Supreme Court will rule on the right side of the law and do what’s right for our country. The importance of this case cannot be overstated. The president must have the emergency authority to utilize tariffs.”

Most presidents haven’t used tariffs as a foreign policy tool

Modern presidents have used financial sanctions such as freezing assets or blocking trade, not tariffs, for their foreign policy and national security aims, said Josh Lipsky, a former Obama White House and State Department staffer who is now the international economics chair at the Atlantic Council.

There are other laws that presidents can use to impose tariffs. But they require a monthslong process to justify the rates.

Trump, citing the IEEPA, moves faster and more dramatically. He signs executive orders imposing new rates and fires off social media posts threatening additional import taxes, as he did in late October when he was angered by an anti-tariff television ad aired by the province of Ontario.

“Presidents have typically treated tariffs as a scalpel, not a sledgehammer,” Lipsky said.

In contrast, Trump has used tariffs as the backbone of his national security and foreign policy agenda, Lipsky said. “All of it is interconnected and tariffs are at the heart of it,” he said.

For example, earlier this year Trump had threatened a 30% tariff on European imports, a major increase from 1.2% before he took office. Seeking to secure Trump’s support for the NATO military alliance and for security guarantees for Ukraine in its war with Russia, the European Union struck a deal to settle for 15% tariffs.

The EU Commission faced criticism from businesses and member states for giving away too much. But Trade Commissioner Maroš Šefčovič argued the settlement was “not only about the trade. It’s about security. It’s about Ukraine.”

Trump has been able “to use it in specific circumstances to get better deals — not just trade deals — but better deals overall than he might otherwise,” Lipsky said. “On the other hand, you would say there’s probably some backlash.”

Supreme Court decision could rattle geopolitics — and wallets

Trump’s tariff strong-arming has rattled relationships with America’s friends and foes. Some have responded by becoming more protectionist or looking to foster relations with China, which has tried to be seen as a promoter of free trade.

There also is the impact on pocketbook. Some businesses have passed on some of the costs to consumers by raising prices, while others have waited to see where tariff rates end up.

Tariffs traditionally have been used just as a tool to address trade practices.

“There’s literally no precedent for the manner that President Trump is using them,” said Emily Kilcrease, who was a deputy assistant U.S. trade representative and earlier worked on trade issues at the National Security Council as a career civil servant during the Obama, Trump and Biden administrations,

“The use of tariffs the way that President Trump is using them is like — just broadscale attack on an economy as a way to incentivize a foreign government to change their posture,” said Kilcrease, now a director at the Center for a New American Security think tank.

But she said the case is not clear-cut. Kilcrease said she thinks there is a “decent chance” the Supreme Court could side with Trump because IEEPA gives the president “broad, flexible emergency powers.”

The case is also coming before a Supreme Court that has thus far been reluctant to check to Trump’s wide-ranging use of executive powers.

If the court constrains Trump, it could leave foreign governments questioning whether to try to renegotiate trade agreements recently struck with the Trump administration, experts said. But there are political realities at play too, because reneging on deals could affect other foreign policy or economic priorities.

The administration could pivot to try to use other laws to justify the tariffs, though that could mean a more complex and bureaucratic process, Kilcrease said.

“It certainly doesn’t take tariffs off the table,” she said. “It just makes them a little bit slower.”

___

Associated Press writer Lindsay Whitehurst contributed to this report.

A decision on the appointment of the new Auditor General will be made today, Speaker of House Dr. Jagath Wickramaratne has announced in Parliament.  

The Speaker said the decision will be taken during a meeting of the Constitutional Council scheduled for 2:00 p.m. today. 

Speaker Wickramaratne made this revelation in response to an inquiry made by Colombo District Member of Parliament Dr. Harsha de Silva during this morning’s Parliament session.

Speaking in Parliament MP Dr. Harsha de Silva said:

“There should be an Auditor General in this country. It’s been 41 days now without an Auditor General. For the past 225 years, there has been a tradition of appointing an Auditor General. Is there any specific reason why the government has not appointed the most senior person in the state audit service?”

In response Speaker Dr. Jagath Wickramaratne said:

“The Constitutional Council will meet at 2:00 p.m. today. During the meeting, we have received proposals, and the President has sent recommendations. We are working on those matters.”

The Indian benchmark indices staged a strong recovery on Tuesday, after plunging to their worst decline in three months on Monday. The Sensex rose 230 points and the Nifty broke above the 23,700 level, fueled by advances in heavyweight financial stocks and Reliance Industries.The benchmark BSE Sensex added 234.12 points or 0.30% to close at 78,199.11, while the broader Nifty 50 index closed at 23,707.90, higher by 91.85 points or 0.39%.

Here’s how analysts read the market pulse:

Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said that amid positive global cues indicating no major concerns regarding HMPV, the domestic market partially recovered from yesterday’s sharp sell-off but traded within a range ahead of the critical first advance estimates for India’s FY25 GDP. “This comes in the context of moderated growth expectations, as the RBI recently revised its growth projection downwards. In the near term, the market is expected to remain cautious, awaiting signs of earnings recovery during the upcoming result season, while also dealing with ongoing FII selling which is driven by the strengthening dollar, rising US bond yields, and reduced expectations of further rate cuts,” Nair added.

US markets

Wall Street’s major indexes edged lower on Tuesday, dragged by technology stocks, as stronger-than-expected economic data fueled uncertainty about the Federal Reserve’s approach to monetary policy easing this year.

The Labor Department reported 8.098 million job openings in November, surpassing economists’ expectations of 7.7 million. This economic resilience has delayed expectations for the Fed’s first interest rate cut, now anticipated in June, according to CME Group’s FedWatch tool.

Rising yields added pressure, with the 10-year Treasury note climbing to 4.677%, its highest since May 2024. Rate-sensitive sectors like financials and real estate dipped, while technology stocks fell 0.8%, led by Nvidia’s 2.6% decline.

European stocks

European shares ended higher on Tuesday, supported by gains in the energy sector, as investors analyzed a mixed batch of economic data reflecting the region’s economic health.

The benchmark European index rose 0.3% to close at 513.08 points, its highest level in three weeks, amid speculation about the impact of rising inflation and upcoming interest rate decisions.

Fresh data revealed an expected uptick in eurozone inflation for December, adding complexity to the region’s economic outlook.

Tech View

The Nifty bounced from its immediate and critical support at the 23500 level, said Praveen Dwarakanath, Vice President of Hedged.in, adding that the bounce during the day was sold off, however, the index closed positive, indicating signs of a further upside move towards the 23800 level.

“The index formed an insider candle after a fall of more than 1.7% in the previous candle. The momentum indicators on the daily chart are rising from the oversold region, indicating a possible bounce from the current levels. Options writer’s data for the Jan monthly expiry showed increased writing of the puts at the 23800 level, suggesting bullishness in the index,” said Dwarakanath.

Most active stocks in terms of turnover

Zomato (Rs 2,925.94 crore), Aegis Logistics (Rs 1,861.60 crore), Intellect Design (Rs 1,628.84 crore), ONGC (Rs 1,402.04 crore), Reliance Industries (Rs 1,246.36 crore), Amber Enterprises (Rs 1,234.89 crore) and Tata Motors (Rs 1,224.56 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.

Most active stocks in volume terms

Vodafone Idea (Traded shares: 37.41 crore), Zomato (Traded shares: 11.52 crore), Easy Trip Planners (Traded shares: 8.02 crore), YES Bank (Traded shares: 6.73 crore), Suzlon Energy (Traded shares: 5.91 crore), ONGC (Traded shares: 5.29 crore) and NMDC (Traded shares: 3.87 crore) were among the most actively traded stocks in volume terms on NSE.

Stocks showing buying interest

Shares of Kirloskar Brothers, Aegis Logistics, Intellect Design, PTC Industries, Rashtriya Chemicals, Vijaya Diagnostic and Biocon were among the stocks that witnessed strong buying interest from market participants.

52 Week high

Over 131 stocks hit their 52 week highs today while 101 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aegis Logistics, PTC Industries, Amber Enterprises, Apar Industries, Firstsource Solutions, Krishna Institute of Medical Sciences and Laurus Labs.

Stocks seeing selling pressure

Stocks which witnessed significant selling pressure were ITI, KEC International, Zomato, Info Edge, 360 One Wam, Blue Star and Kalyan Jewellers India.

Sentiment meter favours bulls

The market sentiments were bullish. Out of the 4,086 stocks that traded on the BSE on Tuesday, 1,378 stocks witnessed declines, 2,603 saw advances, while 105 stocks remained unchanged.

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