Macroeconomic data, foreign institutional investor flow and global cues are likely to be in focus on Dalal Street in the holiday-truncated week starting November 15. The market will remain shut on Friday for the Gurunanak Jayanti holiday. Activity in the primary market will also be in the spotlight, days after Paytm's IPO -- the biggest of all time in the country -- received lukewarm response.

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Equity benchmarks Sensex and Nifty50 have each climbed up more than one percent for a second straight week. The Nifty50 added 186 points to reclaim the 18,100 mark in the trading week ended November 12, and the 30-scrip Sensex gained 619.1 points to top 60,650.

Dalal Street week ahead

The headline indices are expected to move sideways given most of the quarterly earnings and the festive mood is now behind, according to Yesha Shah, Head of Equity Research at Samco Securities.

"As markets across the world are trying to decode the implications of rising inflation, any intensive selling by FIIs may pull Indian indices lower, unless the domestic players provide support... Amidst worsening inflation fears, investors are currently advised to use knee-jerk reactions to, at best, cherry pick quality stocks in resilient sectors and invest in a staggered manner," she said.

Foreign fund flow will be monitored closely. Foreign institutional investors continue to be bearish on Indian equities after a bullish phase that lasted for much of this year.

Technical outlook

Short-term support for the Nifty has shifted from 17,850 to 18,000, according to Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.

"For the trend-following traders 18,000 would be the sacrosanct level. As long as the index is trading above 18,000, the uptrend wave will continue up to 18,200-18,400. On the other hand, a close below 18,000 could increase further weakness till 17,850-17,650 levels," he said.

Here are the key factors and events that are likely to influence Dalal Street in the week starting November 15:

DOMESTIC CUES

Macroeconomic data

Official data on wholesale inflation is due on Monday. Separate data after market hours on Friday showed consumer inflation in the country accelerated to 4.48 percent in October, exceeding Street expectations, from 4.35 percent in the previous month. Economists in a CNBC-TV18 poll had expected inflation at 4.21 percent lat month. The RBI tracks consumer prices primarily to devise its monetary policy.

Monthly trade data will be released on Monday. Auto industry body SIAM is also due to release its report on the same day.

IPO market

Life sciences company Tarsons Products is due to launch its IPO on Monday, and legwear manufacturer GoColurs on Wednesday.

FII flow

FIIs were net sellers of Indian shares to the tune of Rs 949 crore in the first half of November, according to provisional exchange data. In the previous month, they net offloaded Indian equities worth Rs 12,437 crore.

Corporate action

GLOBAL CUES

United States

A number of speeches by Federal Reserve officials are due this week, which will be tracked closely by investors around the globe for more clues on interest rates and monetary policy going forward.

Asia

Japan will release its quarterly GDP numbers on Monday.

China's industrial production and industrial production data are due on the same day.

On Wednesday, data on trade and inflation in Japan will be out.

Europe

On Tuesday, the United Kingdom is slated to release its unemployment data. On Wednesday, data on inflation in the country is due. and on Friday, numbers on consumer confidence and retail sales.