Indian Markets Tumble in Volatile Week: Key Takeaways

 Market Performance:

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·   Nifty 50 and Sensex fell 1.5% each during the week ending January 20th.

·   Midcap indices outperformed, with Nifty Midcap 100 gaining 1.16%.

·   Nifty Bank suffered the most, down nearly 3.5%, dragged down by HDFC Bank's weak results.

Key Events for Upcoming Week:

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·   Corporate earnings: Over 200 companies will announce Q3 FY24 results, including Axis Bank, Tata Steel, Cipla, and Bajaj Auto.

·   Central bank decisions: Bank of Japan and ECB are expected to maintain their current monetary policies.

·   US GDP data: Release of fourth-quarter GDP growth figures, important for assessing recession risk and potential Fed actions.

·   Pre-Budget sentiment: Expectations of government capex announcements in the upcoming budget may influence market sentiment.

·   FII activities: Continued selling by foreign institutional investors could impact market movement.

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·   Primary market action: Epack Durable IPO closes, Medi Assist lists, Nova AgriTech IPO opens.

Technical Analysis:

·  Nifty support lies at 21,300-21,400 zone, with 21,750-21,850 as key resistance.

·  Bank Nifty support at 45,000, with 46,500-47,000 as resistance.

Overall:

The Indian markets are likely to remain volatile in the coming week due to various factors like upcoming events, FII activity, and technical considerations. Careful monitoring of individual stocks and sectors is crucial for investors.

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Additional Points:

·  FII selling due to rising US bond yields and high Indian valuations adds to uncertainty.

·  Options data suggests 21,700 as immediate resistance and 21,500 as potential support for Nifty.

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