The dollar fell on Monday as traders took the U.S. Supreme Court‘s decision to strike down most of President Donald Trump’s tariffs as supportive for global growth, though confusion and risk of conflict in the Middle East kept moves relatively small.

The euro was up 0.4% to $1.1823 and sterling rose by a similar margin to $1.3521 early in Asia trade, which was lightened a little by a holiday in Japan and China’s Lunar New Year break. The dollar fell 0.4% to 154.42 yen.

The Supreme Court found on Friday Trump’s sweeping tariffs exceeded ‌his authority. Trump has ⁠responded by ⁠lashing out at the court and imposing a blanket 15% levy on imports, as well as insisting higher-tariff deals with trade partners should stay.

“It weakens the dollar in the sense that it potentially benefits non-U.S. growth,” said Sim Moh Siong, currency strategist at OCBC Bank in Singapore.

He said longer-run foreign exchange implications were less clear, with a hit to U.S. revenues potentially negative for the fiscal position and the dollar, while a check on Trump’s power may be a positive, by limiting a source of policy volatility.

The New Zealand and Australian dollars were a little higher in morning trade, with the Aussie breaching 71 cents and ⁠the kiwi hovering ‌just shy of 60 cents.
The safe-haven Swiss franc jumped 0.5% to 0.7716 francs per dollar. “This decision is another chip away at Trump’s power … so that’s a positive for markets,” said Jason Wong, strategist at BNZ in ⁠Wellington.

“But there’s so many factors, there’s all these moving parts, it’s not tradable.”

Besides tariffs, markets have an eye on a U.S. military buildup in the Middle East as it pressures Iran to drop pursuit of nuclear weapons, and are looking ahead to Trump’s State of the Union address Tuesday.

TRUMP CONSTRAINED

Trump’s replacement levies run for 150 days and it is not clear if the U.S. owes importers refunds on duties already paid, with the Supreme Court making no ruling on that issue.

Analysts expect years of litigation and another bout of activity-crimping confusion while Trump seeks other means to replace the raft of global tariffs more permanently.

“Things don’t change too much,” said Martin Whetton, head ‌of financial markets strategy at Westpac in Sydney.

The European Commission demanded on Sunday the U.S. stick to a deal reached last year with the EU, which includes zero tariffs on some products such as aircraft and spare parts.

U.S. trading partners in Asia were cautiously ⁠weighing fresh uncertainties, as were investors who have already been wrong-footed by markets’ responses to Trump’s trade levies – which have incidentally failed to close the U.S. trade deficit.

In the lead-up to Trump’s election, investors had bet on tariffs lifting the dollar, assuming the rest of the world would try to weaken their currencies to offset a hit to exports.

But through 2025 the dollar fell – the dollar index dropped more than 9% – as markets ended up focusing instead on anticipating interest rate cuts, worrying about the U.S. fiscal deficit and Trump’s unnerving policy swerves.

“The key issue … is that the Trump administration will be much more constrained in their ability to use tariffs in general,” ANZ’s group chief economist Richard Yetsenga said on the bank’s podcast.

“I don’t think this will change too much about the global economy.”

Federal regulators announced Sunday a recall of nearly 9,500 pounds of frozen, ready-to-eat meatballs over potential metal fragment contamination.

The recall affects New York–based Rosina Food Products’ Italian-styled meatballs, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) said.

 “Rosina Food Products, Inc., a West Seneca, N.Y. establishment, is recalling approximately 9,462 pounds of ready-to-eat (RTE) frozen meatball products that may be contaminated with foreign material, specifically metal,” regulators said. 

The issue was discovered after a consumer reported finding metal fragments in the meatballs. There have been no reports of confirmed injuries, but the department said anyone concerned should contact a healthcare provider.

MULTISTATE OUTBREAK OF HIGHLY DRUG-RESISTANT SALMONELLA LINKED TO TRENDY ‘SUPERFOOD,’ FEDS WARN 

The impacted packages were distributed to Aldi supermarket locations nationwide. 

The recall applies to 32-ounce bags of fully cooked, frozen “Bremer FAMILY SIZE ITALIAN STYLE MEATBALLS,” which contain about 64 meatballs per package.

The products were produced on July 30, 2025, and have a 15-month shelf-life, according to officials.

MORE THAN 3M POUNDS OF FROZEN CHICKEN FRIED RICE RECALLED OVER POTENTIAL GLASS CONTAMINATION

Consumers should look for bags with a “BEST BY” date of “10/30/26,” timestamps between 17:08 and 18:20 printed on the back, and the establishment number “EST. 4286B” located inside the USDA mark of inspection.

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FSIS urged consumers to check their refrigerators and freezers and advised not to eat the meatballs, but to either throw them away or return them to the store where they were purchased.

For questions regarding the recall, consumers can contact Rosina Food Products Customer Service at 1-888-767-4621 or via email at CService@rosina.com

FOX Business reached out to Rosina Food Products for more information. 

Nifty is expected to trade in a range this week, with 25,200–25,300 zone acting as a key support amid geopolitical uncertainties. On the higher side, gains are expected to be capped around 25,650–26,000 levels, as analysts said a decisive breakout is awaited.

SAMEET CHAVAN
HEAD – RESEARCH (TECHNICAL & DERIVATIVES), ANGEL ONE

Where is Nifty headed?
Nifty has managed to safeguard the psychological level of 25,000. The daily chart indicates a downward-sloping trendline around 25,850– 25,900 levels. We should wait for a convincing breakout to occur on a closing basis. This would trigger some positivity in our market to reclaim 26,200–26,400 levels in the near term. On the flip side, 200-SMA level of 25,300 is to be treated as key support, followed by the sacrosanct support at 25,000.

Trading Strategies: We are inclined slightly on the positive side and, looking at recent behaviour, we recommend a ‘Bull Call Spread’ strategy for the March 2 expiry, which is considered moderately bullish. One can buy 1 lot of ATM 25,600 CE at Rs 221 and sell 1 lot of OTM 26,000 CE at Rs 65 (levels of Friday’s close).

Here, the net outflow is Rs 156 (221–65), i.e. Rs 10,140, which is the maximum potential loss. The break-even point is 25,756 and the maximum profit is Rs 244 (26,400– 26,200–156), i.e. Rs 15,860.

STOCKS FOR THE WEEK
Bajaj Finance CMP: Rs 1,030; Stop Loss: Rs 984; Target: Rs 1,089
The stock seems to have come out of its recent consolidation phase, with prices rising above the trendline breakout point. The weekly chart looks extremely promising.
Dixon Technologies
CMP: Rs 11,072; Stop Loss: Rs 10,400; Target: Rs 12,200

After a long phase of underperformance, we observe a ‘Morning Star’ pattern on the weekly chart. A move beyond Rs 11,900 would trigger a strong rally in the counter.

DHARMESH SHAH
VICE PRESIDENT & HEAD OF TECHNICALS, ICICI SECURITIES

Where is Nifty headed?
Notably, over the past 13 sessions, Nifty has retraced only 50% of the sharp two-session rally seen in early February, reflecting a time-wise correction rather than a trend reversal. This healthy consolidation is a “launchpad” to challenge the all-time high of 26,350 next month. Strong support is placed around 25,200. Improving market breadth, with 45% of Nifty 500 stocks above their 50-day SMAs, indicates a revival that augurs well for a broader rally compared to early February.

Trading Strategies: The index is expected to stage a rebound from the key support of 25,200. Hence, any decline towards 25,200–25,280 (Nifty spot levels) should be used as a buying opportunity for a target of 25,700 this week. This buy-on-dips template remains valid as long as Nifty defends key support threshold of 24,980.

STOCKS FOR THE WEEK
Bharat Electronics
CMP: Rs 441; Stop Loss: Rs 398; Target Price: Rs 484

Stock has broken out of a contracting triangle and hit a fresh all-time high, with a higher-base formation near 20-week EMA indicating the broader structure remains intact. Over the past seven months, it has retraced only 38.2% of its preceding four month, 78% rally, reflecting a healthy consolidation; buy in the Rs 425–441 range.

Tata Steel
CMP: Rs 208; Stop Loss: Rs 190; Target Price: Rs 228

Stock reflects a structurally strong and bullish setup, marked by a classic cup-andhandle breakout and consistent respect for 50-week EMA, forming a higher base near this dynamic support. This behaviour underscores sustained accumulation and strong buying interest on minor corrective dips; buy in the Rs 200–208 range.

DHUPESH DHAMEJA
DERIVATIVES RESEARCH ANALYST, SAMCO SECURITIES

Where is Nifty headed?
Nifty remains in a structural repair phase following the recent sharp breakdown, but the rebound lacks impulsive strength as price continues to trade below 10-, 20- and 50-EMAs, all of which have flattened near 25,650, forming a stiff resistance cluster and reflecting a clear loss of trend momentum. On the downside, 25,350 (gap support) and the critical confluence near 25,250 form a key demand pocket for the coming week. Holding above 25,250 may keep the index confined within a compression band, whereas a decisive breach could expose 24,900–24,800 swiftly. Momentum indicators remain neutral, with RSI hovering around the midline, signalling stabilisation but no bullish expansion above 60 to confirm renewed strength.

Trading Strategies: Adopt a sell-on-rise approach near 25,750–25,800 with a stop loss above 26,000, aiming for 25,400–25,350 on the downside. At the same time, options traders can deploy a Bear Call Spread (sell 25,350 CE and buy 25,650 CE of the March 2 expiry) to benefit from overhead resistance and limited risk exposure.

STOCKS FOR THE WEEK

Navin Fluorine
CMP: Rs 6,526; Stop Loss: Rs 6,190; Target Price: Rs 7,190

The stock is showing strong near-term price strength, with a clean rebound from Rs 6,200 breakout zone. It is now trading above rising 10- and 20-EMAs, with RSI near 60 indicating sustained momentum.

Colgate Palmolive (India)
CMP: Rs 6,526; Stop Loss: Rs 6,190; Target : Rs 7,190

Stock appears to be in the early stages of a structural reversal after a prolonged downtrend. A breakout above Rs 2,180–2,190 consolidation suggests accumulation, with RSI indicating strengthening room for further upside.

ET Intelligence Group: Clean Max Enviro Energy Solutions, India’s largest renewable energy provider to corporates, plans to raise ₹1,200 crore through a fresh issue to repay debt and ₹1,900 crore through an offer for sale. The promoter stake will fall to 49% after the IPO from 65.4%. The company is a market leader and has chalked out future capacity expansion plans. However, the company faces risks related to land acquisition, dependence on long-term corporate power purchase agreements (PPAs) and vulnerability to policy and tariff changes in the renewable energy sector. Given these factors, the IPO appears to be suitable for long-term investors with a higher risk tolerance.

Business

Clean Max Enviro Energy Solutions focusses on commercial and industrial (C and I) customers. The company builds, owns and operates solar and wind plants and supplies renewable power to its customers. It has 2.8 giga watts (GW) of operational owned-and-managed capacity and 3.2 GW of contracted capacity yet to be executed as of October 31, 2025. It has C and I client base of 555 customers and 1,198 long-term PPAs. Its business is structured into two segments. The renewable energy power sales segment, which contributed 74% to total sales in FY25. The other business vertical of renewable energy services includes turnkey engineering, procurement, and construction (EPC) and operation and maintenance (O&M) services, capex-based project development for customers, and carbon credit solutions.

Unlike utility-scale developers that compete in low-tariff auctionsClean Max signs direct contracts with corporates, enabling it to secure higher tariffs of about ₹3.8 per kilowatt hour (kWh) compared with the ₹2.5-3 per kWh range for other utility players. It has presence across 23 states and select international markets, backed by a repeat business ratio of nearly 72% and an average PPA tenure of over 22 years.

Financials
Revenue increased 27% annually to ₹1,495.7 crore in FY25 from ₹929.5 crore in FY23. Net profit rose to ₹27.8 crore in FY25 compared to a loss of ₹30.9 crore in FY24 and ₹65 crore in FY23. The operating margin before depreciation and amortisation (Ebitda margin) of the power sales segment improved to 82% in FY25 from 75% in FY23 while that of the services segment improved to 14% from 11% in the same period. The debt-to-equity ratio improved to 1.9 in FY25 from 2.2 in FY23 against a peer range of 0.9-4.7.

Valuation
Since the company has started reporting profit recently, its price-earnings multiple seems to be significantly high at around 324. Its enterprise value (EV) works out to be around 16 times annualised Ebitda for the six months to September 2025. The average EV/Ebitda for listed peers is 27.