What according to you are the big triggers to watch for in the coming week starting on 24-January 2022?

Here are some of the key triggers for the coming week that could impact stock markets.

· During the week, the Nifty fell 3%, Mid-Caps 4.3% and Small Caps 3%. The big sectoral losers were IT, telecom and pharma that gave up 5-6%. Sensex lost 2,272 points in 4 days while margin pressure was seen across IT and FMCG in the quarter.

· Omicron remains high on numbers but low on impact raising hopes of getting back to normal. Big budget Adani Wilmar IPO of Rs.3,600 crore will set the trend for the week even as the market sentiments will be impacted by expectations of a populist budget.

· Over the week Weekend, Reliance reported record numbers but margins came under pressure. That could be an overhang. Major large cap Q3 results include, Axis Bank, L&T, Marico, Cipla, Maruti, Reddy Labs, Kotak Bank, SBI Cards, SRF Ltd. Key mid-cap results include BHEL, Canara Bank, LIC Housing, BEL, Chambal, Finolex, Ramco, Raymond Ltd

· Big event of the week will be the US Fed meet on 26-Jan with time table on rate hikes. Bond yield sat 1.9% in the US are showing high hawkishness. That is likely to hit FPI sentiments, which sold equities worth Rs.12,641 crore last week. Big risk is Crude oil at $88/bbl as supply disruptions still rampant and Brent is estimated to scale $90/bbl.

· Technically, the market is weak and the F&O expiry on 27-January will be critical. Also, this is a truncated week with 26ths January being a trading and market holiday. Call and put accumulation data is pencilling in a Nifty range of 17,700 and 18,000 during the week and VIX could hold the key to market taking support at lower levels.

· US data flow focus will be on the Markit PMI, House Price Index, New Home sales, Fed rate decision, jobless claims and Q4 GDP. Among other global macro cues, the focus shifts to EU Markit PMI Flash; Japan CPI inflation and core CPI inflation as well as China Industrial profits for Dec-21 quarter. Evergrande will be closely watched.