Sensex, Nifty: CPI, passenger vehicles sales, US data – key factors that may influence Dalal Street next week

In the coming week, market participants will be looking for the major macroeconomic data starting with Consumer Price Index (CPI) for January to be out on Monday, February 13. Also, the Wholesale Price Index (WPI) data for January will be released on Tuesday, February 14. On the same day, the Society of Indian Automobile Manufacturers (SIAM) will come out with the total passenger vehicle sales data. Market participants will also be looking for the Balance of Payment data on February 15. The foreign exchange reserves data is going to be released on February 17.

Key Results: In the last leg of result season, there are many companies likely to report their quarterly numbers during the week including Ahluwalia, Anjani Foods, Campus Active, FSN E-Co Nykaa, Hinduja Global, Kama Holdings, Ratnamani Metal, ICRA, SAIL, Adani Enterprises, Apollo Hospital, Biocon, Eicher Motors, Grasim, NMDC, ONGC, Siemens, Nestle, Bosch, PI Industries, Uflex, and Zee Media.

US market data: On the global front, investors would be eyeing a few economic data from the world’s largest economy, the United States (US), starting with Inflation Rate, Redbook on February 14, followed by API Crude Oil Stock Change, Retail Sales, Industrial Production on February 15, Initial Jobless Claims, Jobless Claims 4-week Average, EIA Natural Gas Stocks Change on February 16 and Export & Import prices, Baker Hughes total rig count on February 17.

Technical Outlook: Nifty

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said the consolidation movement continued in the market for the second consecutive session on Friday and Nifty closed the day lower 36 points. “After opening on a negative note, the Nifty slipped into further weakness in the early part of the trade. It later moved into a narrow range within 17800-17870 levels, which continued till the end,” he said.

“A small range candle was formed on the daily chart with minor upper and lower shadows. Technically, this pattern indicates the formation of a doji-type candle pattern. But, having formed this pattern amidst a range movement, the predictive value of this doji could be less. After a sharp upside bounce on 8th Feb, the market has been consolidating in the last couple of sessions and this could be part of range movement. The Nifty could eventually break out of the pattern on the upside in the near term. Immediate support is at 17760 and the next overhead resistance is to be watched around 18000 levels.”

Currency: Anindya Banerjee, VP – of currency Derivatives & Interest Rate Derivatives at Kotak Securities, said. “USDINR spot closed 1 paise lower at 82.50 on another day of lackluster trading. Due to a lack of fresh triggers, markets remain ranged. Over the next week, we could see USDINR trade within a range of 82.30 and 82.80 on spot.”