Week Ahead

In the week gone by, Nifty shed 71.3 points or 0.32 percent to finish at 21,782.5, while BSE Sensex fell 490.14 or 0.67 percent to end at 71,595.49. Despite the selloff in broader markets on Friday, Nifty Midcap 100 closed 0.85 percent higher for the week while Nifty Smallcap 100 fell 0.05 percent.

Going ahead, last leg of Q3 FY24 earnings, January inflation numbers of India and the US could keep markets volatile.

Over 1000 companies would be announcing their Q3 FY24 results in the coming week, thus ending the earnings season. Among the major ones announcing results are Mahindra & Mahindra, Eicher Motors, Hindustan Aeronautics, Mazagaon Dock Shipbuilders, and Phoenix Mills.

The Ministry of Statistics and Programme Implementation will announce Consumer Food Price Index (CPI) numbers for January on February 12.

Foreign institutional investors sold equities worth of Rs 5,871.45 crore in the week gone by, while domestic institutional investors have provided support by buying equities worth Rs 5,325.76 crore.

For Nifty, the next support is at 21,650 and a breach of it can lead to a correction towards 21,400. On the upside, key hurdles are placed at 22,000-22,100.