Indian equity markets are likely to be driven by global cues this week. There will also be short-term profit booking followed by value buying. Annual inflation rate in Euro zone in February stood at 8.5%. This was higher than expectations of 8.2%. Core inflation in Euro zone in the month, stood at 5.6%. Core inflation excludes food and energy prices. This has increased the likelihood of European Central Bank going for further interest rate hikes. But interest rate hikes will worsen the economic slowdown.
Chinese stocks are expected to see buying demand this week because of strong PMI data for February. Chinese and Hong Kong stock markets will continue to attract foreign investors, giving competition to Indian equity markets for foreign money.
Indian equity markets are likely to gain some more stability this week as the rout in Adani Group stocks is likely to reverse further. This is happening because of its success in selling its shares to GQG partners. On the technical front, short term support is seen for Nifty 50 at 17,300. Resistance is seen at 17,820.
A Buy call is being given for this week on the stock of L&T Technology Services. Target price is Rs 3900. Stop Loss is Rs 3630.
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