Indian markets are likely to see another uncertain week. Global cues continue to add to uncertainty in Indian equity markets. US retailers Walmart and Home Depot have both made lower annual revenue forecasts for 2023. Walmart has said that in the December quarter, its sales were strong because even higher income families bought cheaper and discounted food products. But sales of non-food items such as toys, homeware and other discretionary products remained slow. Decline in sales of discretionary food products indicates to worsening of economic slowdown in USA.
Meanwhile, Personal Consumption Expenditure Index in USA increased year-on-year by 4.7% in January. This was higher than the expectations of 4.4%. This has increased the fear that the US Federal Reserve will continue to maintain its hawkish stand on inflation and interest rates. Reserve Bank of India has already said that any further interest rate hike by US Federal Reserve will hurt the Indian economy too. Another central bank, Bank of Israel, raised its interest rate by 0.50% to 4.25%, last week. Meanwhile, HSBC reported strong December quarter profit. This was in line with how banks and banking stocks are benefitting from the current high interest rate environment.
On the technical front, short term support for Nifty 50 is seen this week at 17100. Resistance is seen at 17800. Financial services stocks are likely to see some bearishness this week. Stocks of GSPL and GAIL are likely to rise this week.
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