Hi Diksha, what in your view are the weekly cues for the coming week starting 30 August that I need to watch out for?

Here are the major cues for the coming week, which you must keep in mind.

· Powell’s Jackson Hole speech had hinted at the taper likely to start by the year end. However, Powell has also ruled out rate hikes any time in the near future. Broadly, the Jackson speech did not have anything negative and that should please markets.

· In a boost to the anti-COVID drive, vaccinations crossed 1 crore this week, although full inoculation timetable is critical. However, with Sensex at all-time highs, there could be a alpha shift from large caps to mid-caps and small caps in the market next week.

· In Primary market cues, IPOs of Ami Organics and Vijaya Diagnostics open on 01 September and will be watched for subscription cues. With IPOs drying up in the week, FPIs pulled out Rs.6,833 crore during the week. FPI IPO interest has to be gauged.

· Q1 GDP data for June quarter is expected on Tuesday and could be in the range of 18% to 21%, with an upside bias. Additionally, core sector data and PMI Manufacturing will also be out this week, giving indications of sequential growth.

· Brent Crude bounced back sharply to $72/bbl, which could put further pressure on oil driven inflation. However, auto numbers for August are expected to continue the good show of July and even prepare for the festive season.

· F&O cues point to a range of 16,500 to 17,000 on the Nifty. The upper range has again shifted but 17,000 could be a psychological barrier. However, the VIX falling by 4.35% to 13.40 last week indicates that downside risks could be absolutely limited.

· US data focus on Home sales, House price index, Markit, Vehicle Sales, Jobless Claims, Factory Orders, Unemployment. Other global data points include EU Inflation Flash, Markit; Japan Retail sales, Jibun Manufacturing, PMI; China Caixin Composite PMI.