What To Expect From Markets This Week: India economic data, F&O expiry, US data

Investors and traders will watch for industrial data, debt data at home. F&O expiry on Wednesday will also add to some volatility.

Equity markets across the globe remained sluggish and under pressure in the previous week, mainly on the back of the hawkish comments by Janet Yellen after a 25 bps rate hike, and the ongoing banking crisis. However, taking further knock on Friday, Indian benchmark indices Sensex and Nifty ended in the red. The Sensex ended lower by 398 points at 57,527, while the Nifty on Friday ended lower at 16,945, down 131 points or 0.7%

In the holiday truncated week ahead for Indian markets, investors will keep an eye out for the infrastructure output data for the month of February to be released on March 31, external debt (Q4) data, current account (Q4) data, and foreign exchange reserves data. Indian markets will remain closed on March 30 on the account of Ram Navami.

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The weekly expiry of F&O contracts will take place on Wednesday, March 29 as Thursday remains a holiday. The markets are likely to remain volatile as traders will adjust their positions a day prior to the usual expiry. 

For the Nifty, 16,800 acts as a strong support, whereas on the upside, 17,150 in the near term will act as a strong resistance. “The stance has turned bearish and Nifty stands at the strong polarity support of 16,800–16,750 levels, failing to hold, which the index is likely to see, a further correction towards 16,450–16,400 zones. Only a sustained close above the 17,300-17,350 zone is likely to trigger bullish momentum towards 17,500–17,550,” said Rohan Patil of SAMCO Securities.