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Published: Feb 14, 2023
Updated: Feb 14, 2023

Market Watch: Key Economic Data to Impact Indian Stock Markets Next Week

Consumer Price Index and Wholesale Price Index

On Monday, February 13th, the Consumer Price Index (CPI) for January will be released, followed by the Wholesale Price Index (WPI) data for January on Tuesday, February 14th. The Society of Indian Automobile Manufacturers (SIAM) will also announce the total passenger vehicle sales data on the same day.

Foreign Exchange Reserves and Balance of Payment

The Balance of Payment data is set to be released on February 15th, while the foreign exchange reserves data will be announced on February 17th. These economic indicators will be closely watched by market participants.

Quarterly Results Season

Many companies are set to announce their quarterly numbers in the coming 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

Investors will also be paying attention to economic data from the United States, starting with the Inflation Rate and Redbook on February 14th, followed by API Crude Oil Stock Change, Retail Sales, and Industrial Production on February 15th, Initial Jobless Claims, Jobless Claims 4-week Average, EIA Natural Gas Stocks Change on February 16th, and Export & Import prices, Baker Hughes total rig count on February 17th.

Technical Outlook for Nifty

According to Nagaraj Shetti, Technical Research Analyst at HDFC Securities, the Nifty index has been consolidating in the market for the second consecutive session, forming a doji-type candle pattern on the daily chart. The immediate support is at 17760, while the next resistance is expected around 18000 levels.

Currency Update

Anindya Banerjee, VP of Currency Derivatives & Interest Rate Derivatives at Kotak Securities, stated that the USDINR spot closed 1 paise lower at 82.50 due to a lack of fresh triggers. Over the next week, the USDINR is expected to trade within a range of 82.30 and 82.80.

Eyes on important events and data releases next week

The coming week will be a crucial one for the Indian stock market as several economic indicators and company results are set to be released. Market participants will be closely watching the Consumer Price Index, Wholesale Price Index, foreign exchange reserves, and the Balance of Payment, among others. Investors will also keep an eye on the economic data from the United States. Technical analysis suggests that the Nifty index could break out of its consolidation pattern in the near term, while the currency market is expected to remain range bound.