Overall, the bulls are likely to maintain their strong hold over Dalal Street though there may be volatility and consolidation due to the monthly expiry of February futures & options contracts scheduled on February 29.
Benchmark indices gained close to 1% last week, reaching lifetime highs, driven by foreign investor inflows. Volatility is expected due to the expiry of the February derivative series. Nifty may reach 22400 and possibly 22700. Macro data and global markets will be monitored. Auto sales and IPOs are also noteworthy.
Around six new initial public offerings (IPO), including three in mainboard and three small and medium enterprise (SME), are set to hit Dalal Street in the upcoming week.