What is your view on the major cues and triggers for the stock market in the next week starting on 18th April 2022?

Here are some of the major cues to watch out for in the coming week.

a) In the previous week, Nifty closed with losses of -1.74%. However, the rate sensitives like banks and autos gained on dovish signals from the RBI. The IPO and secondary markets will await the IPO date announcement during the coming week. Nifty VIX at 17.78 still hints at a subdued buy-on-dips market.

b) On quarterly results, both HDFC Bank and ICICI Prudential disappointed markets on growth and margins over the week end. In the coming week, key large cap results include Mindtree, L&T Infotech, ACC, Tata Elxsi, HCL Tech, Nestle, Hindustan Zinc, ICICI Bank. Key midcap results Tata Metaliks, I-Sec, PCBL, LTTS, Tata Comm, Tejas Networks.

c) Among key India macro data, RBI Monetary Policy minutes will be out on 22nd April hinting at any June shift in policy. WPI inflation on Monday, likely to remain at around the previous month levels of above 13% with upside risks. Key factors will be forex data, which is expected to taper closer to $600 billion after 2 consecutive weeks of fall.

d) Globally, Brent crude bounced back to $112/bbl on fears that sanctions would leave deep impact on Russian oil supplies. FPIs were buyers of Rs.3,500 crore in equities for April 2022. The big question mark is the emerging power crisis facing Indian industry this summer with sharply higher demand and low coal inventories.

e) In global data, key US data focus this week to be on US Building permits, Housing starts, Redbook, crude inventories, jobless claims, Powell Speak, PMI. In other global data flows, watch out for EU IIP, CPI, Trade Balance; Japan IIP, Trade, capacity utilization, CPI; China Q1 GDP, IIP, Retail Sales etc.