What in your view are the important triggers for the market in the coming week, since it is likely to be an action packed week with the Union Budget?

Here are some of the key triggers for the coming Budget week. Of course, budget will just be one of the many triggers for the market?

· Keep an eye on the Nifty which lost 3% and Mid Cap and Small Cap losing 4% in the week. IT sector will be in focus after the 8% sell-off that the IT index saw last week. The real market concern is on operating margins getting squeezed across cement, FMCG, IT and pharma companies.

· There are big expectations ahead of the Union Budget on 01-Feb. The markets will be keen to find out how Nirmala Sitharaman balances spending imperatives and the need to control fiscal deficit. Also on the anvil cold be big personal tax changes to ensure more disposable income in the hand of the people.

· Geopolitical risk will be focused on Russia and Ukraine, as it threatens to lead to a stand-off between NATO and Russia. Meanwhile, FPIs played it safe selling Rs.28,500 crore of equities in January amidst weak cues.

· Big numbers still to come this week. Large cap Q3 numbers include BPCL, HPCL, Indian Oil, Sun, Tata Motors, UPL, TECHM, Dabur, HDFC, ITC, Tata Steel. Mid cap Q3 numbers include Aarti Drugs, Ajanta Pharma, Chola Finance, IHCL, IOB, Jubilant Foods, Lupin.

· On Monday AGS Transact lists on the bourses and Adani Wilmar closes its IPO. Vedant Fashions IPO opens on 04th February. In other macros, the focus shifts to PMI numbers and auto sales for signals of a recovery in auto sales and PMI to boost sentiments.

· Big global macro will be Brent at nearly $90/bbl as India risks input inflation and the macro impact on trade deficit and CAD. While the Fed statement is out and fairly hawkish, the focus shifts to the statements of other FOMC members on dot plot.

· F&O data indicates 16,850 to 17,650 range for the Nifty. Meanwhile, US data focus shifts to ISM Manufacturing, PMI, JOLTS job openings, ADP non-farm jobs, jobless claims and non-farm payrolls.