Fund flow, derivatives expiry and global cues are likely to be in focus on Dalal Street this week, after equity benchmarks suffered a weekly loss after two back-to-back weekly gains. Manufacturing and services data from major economies will also be in the spotlight.

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NSE

Equity benchmarks Sensex and Nifty50 tumbled nearly two percent last week amid selling pressure in metal, oil & gas and financial spaces, especially PSU banking names. Broader markets also weakened, further hurting investors' sentiment.

For the four-session trading week on account of a public holiday on Friday, the Nifty50 lost 338 points or 1.9 percent to give up the 17,800 mark, and the Sensex shed 1,050.7 points or 1.7 percent to settle near 59,650.

Dalal Street week ahead

Volatility is likely to remain high this week due to the expiry of November futures & options contracts, said Ajit Mishra, VP Research. Religare Broking. The expiry is due on Thursday, November 25.

"Focus would largely remain on the global markets for cues in absence of any major event on the domestic front," he said.

Technical outlook

Headline indices may not be able to sustain higher levels given that the breadth is weak, according to Yesha Shah, Head of Equity Research at Samco Securities.

"The Nifty50 index is now trading around crucial support at 17,700, and the Bank Nifty around support at the rising trend line. We suggest traders to maintain a mildly bearish to neutral outlook to position trades. A break below 17,700 may lead the benchmark to test 17,500 levels," she said.

Here are the key factors and events that are likely to influence Dalal Street in the week starting November 22:

DOMESTIC CUES

FII flow

Foreign institutional investors net purchased Indian equities worth Rs 18,745.2 crore ($2.5 billion) during the week. Earlier this month, they had net offloaded equities worth Rs 4,694.1 crore ($629.2 million).

Macroeconomic data

Data on India's foreign exchange reserves in November will be released on Friday.

IPO corner

Latent View Analytics and Tarsons Products will list their shares on BSE and NSE.

Corporate action

GLOBAL CUES

Asia

The outcome of PMI surveys on manufacturing and services in Japan is due on Wednesday.

United States

The week will begin with monthly home sales data on Monday, and the outcome of PMI surveys on manufacturing and services the next day.

Minutes of the Federal Reserve's last policy review are due on Thursday.

Europe

Surveys on manufacturing and services in the UK are due to be out on Tuesday.

Bank of England Monetary Policy Committee member Jonathan Haskel is scheduled to speak on the same day.