The Indian markets will be closed on March 30 on account of Ram Navami, as a result of the coming holiday truncated week. The march F&O series will end on March 29 and traders will be adjusting their positions ahead of the new series, as the upcoming week is likely to be volatile. The infrastructure output data for the month of February will be out on March 31 and investors will be looking for data for the month of February. Infrastructure output in India increased 7.8 per cent year-on-year in January 2023, the most in four months and after a downwardly revised 7 per cent increase in December. On the same day, traders will be looking for external debt Q 4 data, current account Q 4 data, and foreign exchange reserves data.
Also read Market Wrap: Global banking distress, persistent foreign fund outflows dragged Dalal Street lower for the third week in row.
Three conclaves will be held in Gujarat during the next round of G 20 meetings from March 27 to April 4 during which three delegates from different countries will be invited to participate in a range of issues, including a number of conclaves, which will be held in the state. Around 60 international delegates from 29 plus countries will be taking part in the second G 20 Tourism Working Group TWG meeting, which will be held in West Bengal's Siliguri and Darjeeling from April 1 to April 3, 2023.
The equity markets were under stress as the news of bank failures adversely affected the sentiment, according to Dr. Joseph Thomas, Head of Research at Emkay Wealth Management. The rise in the base rate in the Fed and Bank of England, the persistence of inflation and so on, have been seen as negative for the markets in the immediate term. He said that these factors could influence market movements in the coming week.
On March 28, API Crude Oil Stock Change, Initial Jobless Claims on March 29, Personal Income, Chicago PMI, Baker Hughes Oil Rig Count, and Goods Trade Balance, Wholesale Inventories, CB Consumer Confidence and House Price Index will be followed by Dallas Fed ManufacturingFed Manufacturing Index on March 27, followed by the Dallas Fed ManufacturingFed Manufacturing Index, Goods Trade Balance, Wholesale Inventories, CB Consumer Confidence and House Price Index.
Technical outlook: Technical Analyst DVP at Kotak Securities said that a reversal of the daily charts and a bearish candle on weekly charts indicates further weakness from the current levels. As long as the Nifty is trading below 17100, the weak sentiment is likely to continue and below the same, the index could fall to 16700. A fresh uptrend can only be achieved after the 17100 dissolution. The index could slip to 39000 -- 38700, besides Athawale said, for Bank Nifty, 39750 or the 200 day SMA would act as a trend decider level. It could rally until the 20 day SMA or 40200 -- 40300 on the flip side, above the 200 day SMA or 39750.