Top five events Dalal Street will be tracking this coming week

NEW DELHI: The Nifty50 which ended flat on Friday with a negative bias closed 1.5 per cent lower for the week ending on May 6 which suggests that the bulls are still nervous to take the lead.

If commentary ^[1] from technical experts is something to go by then the market is expected to find strong support near 7,500 level while it may still find resistance near 7,800.

ETMarkets.com collated list of top five events which investors should watch out for the coming week:

Macro Data: The government is scheduled to unveil industrial production data ( IIP ^[2]) for the month of March on Thursday. It will also unveil the consumer price index (CPI) data (rural, urban and combined) for the month of April 2016 on Thursday.

The Index of Industrial Production (IIP) rose 2 per cent in February from a year ago, compared with 1.5 per cent decline in the previous month while the consumer price index (CPI) rose 4.83 per cent in March from a year ago, data released by the government showed.

If Consumer price index numbers for the month of April remains on lower levels like last month (March) than markets ^[3] expectations of rate cut will remain high.

Corporate Numbers: The next batch of Q4 earnings ^[4] from India ^[5] Inc. and management commentary will set the market trend in the coming week.

In the coming weeks, investors will closely track earnings of Grasim Industries, Hindustan Unilever (HUL), Zee Entertainment ^[6] Enterprises, Kotak Mahindra ^[7] Bank, Asian Paints and Nestle India who will announce their January-March 2016 numbers.

MSCI Changes: Select stocks ^[8] may see action as Morgan Stanley ^[9] Capital International (MSCI) will announce changes in its global indices as part of its semi-annual index review on Thursday. The changes will be effective from June 1.

"MSCI is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds ^[10] are linked to MSCI indices," Vijay Singhania, Founder-Director, Trade Smart Online told ETMarkets.com.

Any addition or deletion of a stock in MSCI index will require the fund tracking that index to include or exclude that stock in its portfolio ^[11], he added.

Global Factors: On the global front, the Bank of England (BOE) monetary policy committee members will vote on where to set the rate. The markets remain a tricky ^[12] place to invest as western central bankers have realised that monetary easing isn't working any more, experts caution.

Singhania further added that cauti on and risk aversion are his watch words as the outlook is tough. "Overseas funds have sold $114 million of Indian shares this month after investing $585 million in April and $4.1 billion in March, which was the biggest inflow in three years," he added.

Technical Outlook: The Nifty ^[13] Future is showing a lack of downside momentum which means that the market is holding near its key support levels. After a sharp ^[14] f all early this week this price pattern is encouraging for traders with a bullish view.

However, lack of momentum itself does not ensure trend reversal and thus price action itself needs to provide confirmation, say experts.

"For short term trend reversal, the confirmation will come only if market sustains above the level of 7,800 marks. And a move above 8,000 to consider that market resumes its medium term uptrend," Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd told ETMarkets.com.

"We expect the level around 7700 to play a pivotal role for the market direction going forward," he added.