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India Week Ahead: Macro Eco data, Brexit vote, BoJ rate decision

Shiv Gupta
Indian market closed in the red on Friday, Nifty closed above the 11,000 levels at 11,035 points. I.T. stocks dragged benchmark indices as rupee closed near 2-month high.

Indian market closed in the red on  Friday, Nifty closed above the 11,000 levels at 11,035 points. I.T. stocks dragged benchmark indices as rupee closed near 2-month high.

 

For the week Sensex closed up 1.7%, Nifty gained 1.6% and Nifty Bank closed up 2.6%. Eicher 9.5%, HPCL 6.6%, NTPC 6.5%, BPCL 5.6%, ITC 4.9%, ICICI Bank 4.7% were among Nifty gainers whereas Wipro -8.4%, Zee Ent -6.7%, Infosys -3.9%, HCL Tech 3.9%, Tech Mahindra -2.5% were among Nifty losers.

 

Nifty Resistance seen at  11080, 11200; Support at  10860, 10930. Bank Nifty 

Resistance at  28200, 28000 ; Support at  27720, 27400.

 

A look at some events which will guide the markets.

 

Macro eco data

A slew of macro economic data will be released this week, January IIP data will be on  Tuesday, expected to be at 2%, February CPI data will also be released on  Tuesday, expected to be at 2.4%. February WPI data will be released on  Wednesday noon, expected to clock in at 2.88%. Trade data for the month of March will be released on  Friday, also  Friday will be the last day to pay fourth and final installment of advance tax.

 

Brexit Vote

With less than 20 days to go before the  March 29 deadline, British PM Theresa May will put forth latest Brexit deal through Parliament. UK PM Theresa May promised late last month that she would give the UK Parliament a chance to vote again on a Brexit deal on  Tuesday after going back to the European Union to try to negotiate changes that could win the backing of members of Parliament. UK Parliament will vote if they agree with the lastest plan or they exit EU without a plan at all or try for an extension with EU to leave the

bloc.

 

BoJ rate decision

Bank of Japan will release its monetary policy on  Friday, widely expected to keep rates unchanged near zero percent. 

 

India-Pak meet

Pakistan government officials will visit India to discuss Kartarpur draft agreement. The external affairs ministry is also ready for a meeting of officials of the two countries in India on  Thursday to finalise modalities and decide the coordinates for the crossing point of the corridor on the international border. The two sides are also expected to discuss a draft agreement that will allow Indian pilgrims to travel without visas.

 

Etihad Board meet

Part owner of Jet Airways, Etihad's board will meet on  Monday to decide on approving resolution plan for Jet airways. According to finalized resolution plan, Naresh Goyal's stake to come down to 17% from 51%, latest plan also includes Naresh Goyal stepping down from board.