What are the major stock market triggers you see for the new week starting on 03rd January?

Here are the key triggers for the coming week starting on 03-January to watch out for.

· Nifty closed the year 2021 with 23.8% returns and that is likely to put base pressure on coming week. However, Bank Nifty underperformed by 1,000 bps in 2021 and that will put pressure on markets this week.

· Omicron cases are rising amidst lockdowns increasing but fatalities are low. However, this is likely to hold the stress on FII flows, which is likely to remain tepid. Supply chain constraints could put further pressure on the auto sector as seen in auto numbers.

· Where there are no IPOs slated for the week, markets are expecting dates announcement of big names like Adani Wilmar, GoAir and Ruchi Soya. Meanwhile, current account deficit could put pressure on the rupee.

· Future group to face pressure this week after Rs.3,494 crore payment default. On the FMCG majors, the dealer boycott could create stock price pressures. For high frequency indications, focus will be on PMI manufacturing and PMI services.

· FOMC minutes on 06th January will provide a ringside view of rate hike program this year. In market internals, the call and put writing at 17,500 and 17,000 strikes hints at a rangebound market.

· In global data points, focus will be on the US PMI, Markit Composite, jobless claims, factory orders, vehicle sales, non-farm payroll and Fed minutes. ROW focus on EU PMI, PPI, retail sales; Japan Jibun PMI, household spending; China composite Caixin PMI.

FOMC minutes will be the key next week.